Q3 2023 Market Commentary

We anticipate that major economies will be able to manage this cycle of increasing interest rates. Both the equity and bond markets are likely to survive. 2024 is a presidential election year. It's worth noting that historically, 83% of election years since 1928 have resulted in positive performance, with an average return of 11.28%. Given this, it may be advantageous to consider deploying capital in Q4 of 2023.

Many economic factors that we observe have uncertain outcomes. Given the challenging earnings environment, high equity valuation, and recent escalation of geopolitical tensions, it is wise to adopt a cautious approach. It is important to acknowledge that there is a possibility of a significant correction or even a brief bear market.

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