To put a finer point on how rough and rare 2022 was from a return set perspective, consider it was just the fifth year in 93 where stocks and bonds both declined for the full year (see chart - the circles mark those years). Following on an exceptionally rough and rare return set for stocks and bonds in 2022 – the S&P 500 was off 18% and the Bloomberg US Aggregate was off 13% last year – our first Weekly Wire of the year pondered the likelihood of a repeat performance for the major asset classes in 2023 (the title of that first Weekly Wire was simply What Are The Odds?).
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