DM – Q1 Portfolio Commentary

Is this bull ready for pasture?  Ten years ago, almost to the day, stocks began a prodigious ascent that has been unceremoniously dubbed “the most hated bull market of all time”. A sluggish and patchy economic recovery, expanded involvement of central banks in financial markets and, of course, the long shadow of the global financial crisis have all conspired to darken what should have been a glorious time for equity investors. If stocks climb a wall of worry, as investing lore would have it, then they’ve been forced to scale a rampart that even an ardent border blockader would have to admire.

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