Author: David I. Templeton, CFA, Principal and portfolio Manager
The first half of 2022 has been a series of near records for both the economy and the investment markets. Inflation is at a level last seen in 1982, the S&P 500 return this year is its worst start to a year since 1970 and it is the worst start for the Dow Jones Industrial Average Index since 1962. With all of this behind us, the best that can be said about this market is “good riddance.” On the positive front, returns for the equity markets have historically been higher in the 12-month period following declines of the magnitude we have experienced. Additionally, the time period after a midterm election has historically resulted in market moves higher as well, regardless of election outcomes. We discuss these events and more in the Summer 2022 Investor Letter.
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