Portfolio Review 1Q 2024

Portfolio Review 1Q 2024

Something is changing in the markets. Gold has moved up reflecting concerns about the underlying economy and financial system, and foreshadowing potential problems. The economy, interest rates, inflation and equity markets will all turn, some up, some down. There is a seismic shift underway in the economic and investment world as central banks prepare to loosen money again amid massive debt levels before inflation is under control. The broad equity markets will turn as the economy weakens, rotating from large-cap growth stocks in developed markets to value and dividend stocks, as well as smaller markets abroad. With little in the U.S. and major developed markets, and a high exposure to gold, other resources, and value stocks in smaller markets, our accounts are well positioned for the new environment. Indeed, despite not being in the high-flying tech stocks at all and hardly in the top-performing major markets at all, we succeeded in recording reasonable gains for accounts in the quarter just ending.

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