Cardinal Quarterly – April 2023

March 2023 Market Outlook – Despite some surprising bank failures in the U.S. and Europe and another interest rate hike from the U.S. Federal Reserve, most developed market indices moved higher in the first quarter. Inflation, the most important factor, has continued to fall and employment has remained strong. The Chinese economy also looks set to post strong GDP growth now that it has reopened from COVID-19 lockdowns. We continue to remain positive on stock market returns in 2023.

Cardinal Rule #11: STAY BALANCED – It’s easy to look at the long history of stocks that have gone to the moon and
kick yourself for not going all-in when you had the chance.

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