13 Jan Quarterly Review Q4 2021
AND THE BAND PLAYED ON
The Titanic took approximately two hours and forty minutes from its initial iceberg collision to its foundering. The ship’s band — hoping to help keep passengers calm — continued to play (waltzes and ragtime numbers*) for nearly all of that time, only stopping less than thirty minutes prior to the ship going under. Today’s financial markets also keep “playing” amid threats of sinking economic prospects. Global equity markets gained 7% in the quarter (and 19% on the year) despite an ongoing pandemic and the 10-year Treasury yield closed out the year at a once unthinkable 1.5% despite high inflation (7%). How should we think about this heading into 2022? Read the full Quarterly Review Q4 2021.
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