We push into the new year having survived a brutal year where both stocks and bonds fell sharply into bear territory. For the year, the S&P 500 was down 19.4% (more than 20% below its record high), the Russell 2000 was down 21.56%, and the tech-heavy Nasdaq was down 33.1%. Of the major indexes, the Dow fared the best, down only about 8.8%, having less tech and a more value-based list of stocks. The equity market did rally in the early part of the fourth quarter and the S&P, Russell, and Dow were all up for the fourth quarter. Will the momentum continue into 2023? Likely. Will it become a full-fledged Bull? It has the potential. But it’s a question of When? How do we prepare? The always be: Patiently.
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