Investment Commentary – January 2023
January 24, 2023
The past year was the first time in more than a century that cash outperformed both stocks and bonds. Stocks posted their worst year since 2008, when the economy was in the midst of the Great Financial Crisis. Bonds fared even worse. By some measures, the last year was the worst period for the U.S. bond market since 1794. Looking forward, 2023 presents uncertainty and challenges, but also opportunities.
For an in-depth analysis of last year’s volatility, the key questions facing investors in the coming year, and Hanover’s expectations for where the markets and economy may be heading in 2023, please read our latest Investment Commentary.