4Q 2022 Market and Economic Overview

As any keen hiker will know, even after reaching the peak of the mountain it’s not always easy making the return journey. There will almost certainly be further challenges, perhaps even some other, smaller hills still to climb on the way back that are not currently visible but will need to be overcome before reaching home. However, beyond the peak the general direction of travel should be less arduous than that which came before. We see this as a reasonable analogy which investors might want to consider when assessing the year ahead Paying the Piper The end of 'free' money brought with it plenty of casualties: most ruinously in the world of cryptocurrencies, where a market that had quadrupled in size in 2021 came crashing back down last year. Less cataclysmic but more damaging to mainstream portfolios was the sell-off in tech and growth stocks