Quarterly Report 2022 Q4 - Embracing Uncertainty
Flip on any TV
Of course, there are times when tilting
Yield Curve Has Inverted
Purchasing Managers’ Index Turns Negative
New Housing Starts Rolling Over
Adjustable-Rate Mortgages Not Popular Post-2008
Consumer Debt Low Relative to Disposable Income
The Corporate Debt Burden is Light
Low Delinquency Rates for Consumers & Businesses
Job Openings Exceed Number of Unemployed
Auto Dealers Short on Inventory
COVID-19 Depressed Demand for Healthcare Services
Building All-Weather Portfolios
First, stay invested in the stock market
Companies with Lower Leverage Tend to Outperform During Recessions
Lower Price/Earnings Stocks Outperformed in 2022
Volatility is a Drag
Higher Dividend Yield Stocks Outperformed in 2022
Dividends are the one source of stock
But investing is about the future, not the past
Disclosure