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2024 Third Quarter Letter
The 3rd quarter of 2024 saw increased volatility in both equity and fixed income markets globally as economic and inflation data continued to send contradictory signals as to when and by how much central banks would start cutting interest rates.
2024 Second Quarter Letter
The 2nd quarter of 2024 saw much volatility in both equity and fixed income markets globally, as economic and inflation data were mixed and created uncertainty as to when central banks would start cutting interest rates.
2024 First Quarter Letter
The 1st quarter of 2024 saw a continuation of the rebound in global equity markets that began in the last two months of 2023, however North American bond markets reversed course ending the quarter in negative territory due to stickier inflation and a delay in central bank interest rate cuts.
2023 Fourth Quarter Letter
2023 was another volatile year for both Equity and Fixed Income markets, as investor sentiment swung from deep pessimism about stagflation and recessionary fears to euphoria that central banks might start aggressively cutting rates as soon as March 2024.
2023 Third Quarter Letter
The 3rd quarter of 2023 was another volatile one for both global stocks and bonds.
2023 Second Quarter Letter
The 2nd quarter of 2023 was again marked by volatility in both global stock and bond markets as investors tried to digest hawkish comments and renewed rate hikes by central banks in the face of declining but persistent inflation and a slowing global economy.
2023 First Quarter Letter
The 1st quarter of 2023 was marked by continued extreme volatility in both global stock and bond markets. After a sharp correction in 2022, most world equity indices rebounded strongly.
2022 Fourth Quarter Letter
During 2022, both equity and fixed income markets were at their most volatile since the pandemic outbreak and Global Financial Crisis in 2008-2009.
2022 Third Quarter Letter
The 3rd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets rebounding sharply in July only to collapse further in August and September.
2022 Second Quarter Letter
The 2nd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets suffering large declines.
2022 First Quarter Letter
The 1st quarter of 2022 was marked by extreme volatility with both global stock and bond markets suffering sharp declines.
2021 Fourth Quarter Letter
Once again, we would like to express our sincere hope that you and your loved ones have remained in good health and been able to weather this lengthy pandemic.