The most recent quarter (September-end) witnessed losses across asset classes and, therefore, client accounts. In our previous quarterly newsletter (June-end), we wrote that “there was no place to hide”, which, unfortunately, succinctly summed up the latest quarterly experience as well.

There was nowhere to hide during the June quarter. Stocks and bonds both experienced painful declines.

Going into 2022, we expected the financial markets to experience heightened volatility given the likely friction emanating from the anticipated Federal Reserve’s change in monetary policy against many richly valued financial markets.