Q4 of 2022 was markedly different than the first three quarters of the year, with positive returns in major stock and bond indices, commodities, and real estate with a notable exception of Bitcoin, which was down another 15%+ for the quarter and over 64% on the year!

Q3 of 2022 continued the rough start we saw in the first half of the year as the Federal Reserve’s war on inflation, Ukraine’s war against Russian aggression, and recession fears all increased in their intensity. Despite a bear market rally that peaked in August, major indices such at the NASDAQ and S&P 500 ended the quarter at or below the lows we saw in June of this year. To add insult to injury, bond markets also were in the red. Q3 marked the third consecutive quarter of negative returns in stocks and bonds, which has only happened about 9% of the time over the past 40 years.