DM Q4 Portfolio Commentary

On market swings and the behavior of crowds – While taking in a recent NHL hockey game, we got to thinking about the peculiarities of human nature and how group dynamics might be making an outsized contribution to the recent plunge in stock prices.

Around the same time that we were watching the relatively well-heeled jostle for attention in ta t-shirt toss, a run-of-the-mill equity market correction was rapidly taking on a more bearish tone. In the space of just a few weeks, the collective perception of stock valuations and underlying business conditions was upended and measures of investor sentiment shot from mildly positive to deeply pessimistic.

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