First Quarter Commentary 2023
Despite turmoil in the banking industry in the early weeks of March, global equity markets rallied in Q1 with the S&P 500 and MSCI ACWI up 7.5% and 7.3%, respectively. The end point is a bit perplexing since markets had to digest the 2nd largest bank failure in U.S. history and the shotgun marriage of Credit Suisse and UBS.
Fourth Quarter 2022 Commentary
Despite the lack of a Santa Claus market rally, equity and fixed income markets found some relief during the 4th quarter. U.S. equities were up 7.6% and fixed income increased 1.9% to cap an otherwise horrid year for investors in public equity and fixed income markets.
Third Quarter 2022 Commentary
Financial markets in the third quarter of 2022 were unsettled and volatile. While the Federal Reserve marched rates higher at a steep clip, trends for both equity and credit markets changed multiple times intra-quarter as investors reacted to data and repositioned portfolios.
Second Quarter 2022 Commentary
The second quarter of 2022 was marked by a rapid increase in interest rates in response to elevated inflation readings and a steep fall in market multiples. These market dynamics led to a number of “historic” data points to the chagrin of both equity and credit investors.
First Quarter 2022 Commentary
There was no shortage of macro themes to dominate the headlines in the first quarter of 2022 with inflation rising to 40-year highs, the Federal Reserve’s first interest rate increase since December 2018, and the brutal invasion of Ukraine by Russia.
Fourth Quarter 2021 Commentary
Strong returns in U.S. equity markets reigned throughout the year outpacing international markets.
Third Quarter 2021 Commentary
Global equity markets treaded water over the third quarter, rising in July and August only to give it all back — and more — in September.
Second Quarter 2021 Commentary
Interest rate gyrations and inflation worries drove market trends in the first half of the year.
Samuel B. Bowles, Managing Director
Michael P. Phipps, Managing Director
Thomas K. Hoops, Chief Executive Officer
J. Keith Benedict, CFA, Chief Executive Officer, South Summit Capital
Cort A. Haber, Managing Director