Portfolio Review 4Q 2023

Portfolio Review 4Q 2023

The tide has turned. The Federal Reserve may not have used the word “pivot”, but they made clear that there was a significant change in policy: the rate-hiking cycle has ended, and rate cuts are expected this coming year. Markets reacted as one might expect: gold and bonds turned upwards, the dollar turned down, while stocks continued up, with both U.S. and global stocks closing the year within spitting distance of all-time highs. For 2024, we expect gold to continue up and the dollar, less dramatically, to be down; bonds could reverse, however, later in the year; while we expect significant rotation in the stock market, with value stocks and foreign markets outperforming U.S. growth. As with the tide, there will be ebbs and flows in this general direction.

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