A ‘Challenging’ Path Forward
You wouldn't know it to look at the outsized gains across benchmarks in 2023, but equities face "a challenging distribution of outcomes," as Goldman's David Kostin euphemistically put it. Ironically, the fact that stocks ran so far, so fast during the first several weeks of the new year is part and parcel of why that distribution is so challenging. If there was a case to be made for stocks coming out of the worst year since the financial crisis, surely the gains already notched have weakened th
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It’s a good time to stop and think. Feels to me like we’re bumping our heads on a ceiling.
Bloomberg noted last evening that the “apocalypse” has only been postponed. A separate note from Mike Hartnett said we’ll see a slow-down during the next five months. Q3 and Q4 will be challenging but will present opportunities (especially for small-caps).