DM Portfolio Commentary – Q1 2024

Where were you four years ago? Just kidding, we know where you were. If you weren’t pacing empty aisles in search of a forgotten bundle of toilet paper, or trying your hand at cutting hair, or making calls to get out of the summer vacation you’d booked the month before, you were undoubtedly sitting at home like everyone else. Regardless, you were living a life that you couldn’t have envisioned just weeks earlier, with little sense of how or when thing would get back to how they’re supposed to be.

The covid-19 outbreak also threw financial markets into a state of disarray, just like the subprime crisis had done barely a decade earlier, with stocks falling sharply against a relentless stream of disconcerting news. Equipped with lessons from the last financial calamity, however, policy makers acted with unmatched swiftness and force to dampen the effects of the pandemic, and soon we found ourselves living in an odd, suspended economic reality.

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