DM Portfolio Commentary – Q2 2023

“Optimism often sounds like a sales pitch, pessimism sounds like someone trying to help you”. – Morgan Housel

As 2023 began, there were numerous reasons to be pessimistic, high inflation, plummeting asset prices, the economically important US housing sector was in a deep freeze, a looming recession, and a banking crisis. However, despite these concerns, the first half of the year saw significant gains in the S&P 500 and the NASDAQ Index, contradicting the bearish predictions. While central banks continue to tighten rates, underlying factors contributing to consumer inflation have decreased, and both the bond and equity markets seem to be taking note.

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