Newsletter Q4 2022

The walls of worry are endless, and the odds of the U.S. entering a recession are a foregone conclusion, especially if you ask any economist at any major investment firm. But the market is forward-looking and often a good predictor of what may come. Thus, it is plausible that 2022’s negative returns were the market telling us that we are in or entering a recession. As contrarian Humphrey B. Neill says, when everyone thinks alike, they are often wrong. It’s better to think creatively and differently about possible outcomes and timing.