DM Monthly Report – January 2022

MARKETS WOBBLE TO START THE YEAR – WHAT TO DO? – After an unexpectedly strong 2021 campaign, stocks mostly limped out of the gate in January. It’s impossible to say whether the blame lies with inflation, that’s become decidedly more persistent than transitory; central bankers, who finally seem poised to reign in liquidity and raise interest rates; or simply the weight of probability, which would suggest that a nearly uninterrupted rise is probably due for some type of reset.

Portfolio Activity – Aside from rebalancing trades, in December we sold rail operator Union Pacific in DM Foreign Equity and used this capital to open a new position in Methanex Corp.

Feature Stock – Microsoft Inc. (MSFT) – MSFT shares made another big contribution to DM performance in 2021, gaining more than 50% for the year.

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