DM Q4 Portfolio Commentary

Cash is for spending – In investment parlance, “cash” refers not to the notes and coins in your wallet, but to any certificate of deposit, treasury bill, or other interest-bearing vehicle with a maturity of one year or less. Prior to autumn 2022, such instruments paid so little that they attracted almost no attention from anyone with funds to deploy. That changed abruptly, however, when central bankers around the world launched aggressive rate hiking programs to blunt surging inflation and, just like that, cash was in vogue.

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