2022 Year-End Recap and Outlook
There has been a lot for investors to digest throughout this year—the war in Ukraine, persistently high inflation, one of the fastest rate hiking cycles in history and the residual impact of a globally disjointed COVID response and reopening policy. The result has been broad-based asset class declines, in which—as the chart below highlights—only commodities and cash have been spared. The magnitude and the breadth of the decline stand out when viewed through the context of the last decade. In