February 2023 - Market Commentary

Just as the playwright Luigi Pirandello asked his

audience to participate in an immersive experience in

his theatrical masterpiece, so we too participate in an

equally immersive way in the great drama unfolding in

the financial markets. Ours is a performance not being

played out on a stage, but about us and in the round,

and one in which we are all profoundly engaged. The

curtain has risen on 2023 and the action has been

explosive from the very start. 

No slow build this year; from the off, stocks and bonds have seemingly cast the worries of 2022 to one side. The action is enthralling and the plot lines complex. How might 2023 play out? Who, or what, will prove the most compelling actors? Despite the revival, no clear themes are as yet apparent. Guards are up but as yet new commitments are limited. We’re enjoying the show, but we wonder what might happen next.