Stock markets around the world are off to a good start in 2023. We’ve participated to the upside as well, but in a slightly more muted fashion. I had the portfolio fully invested going into the end of 2022 and the first few days of 2023. From my vantage point, it seemed that investors were hoping to catch the Santa Claus rally period and rebalance into more beaten down names from 2022. At the moment, we’re in a period of traditional seasonal strength for the market and I think that’s what investors are focused on. I heard a quote recently on CNBC that said “markets can only focus on the shark closest to the boat”. I, however, want to take a broader view, as I think there could be many more dangerous sharks swimming nearby.

This Wednesday marks my 40th birthday. In my son’s eyes, who is almost 9, he seems to think I’m ancient. Oddly, my wife criticizes me for being the same. Though my hairline is receding faster than interest rate hikes and my waistline is expanding faster than inflation, I’m very thankful for the responsibility of managing your investments, and I’m even more thankful for the friendships made along the way.