2023 Mid-Year Client Letter
2023 has provided a welcome reprieve from the volatility of 2022. Equity markets in the US and abroad are off to a strong start to the year and have reclaimed significant losses.
Corporate earnings have been better than anticipated, the labor market remains strong and advances in technology continue to enable businesses to exploit greater operating efficiencies.
In spite of many positive developments, investors remain overwhelmingly bearish and the drumbeat of negative news is constant. In our mid-year client letter we provide a different perspective, supported by historical data and rational thought.
We hope you find our views and supporting information helpful and reassuring.