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While stocks had their ups and downs during the year, they ended the year strong, and recouped, at least in the aggregate, most of the losses from 2022. Energy, one of the few survivors of the 2022 market sell-off, had a bad year, as did utilities and consumer staples. The solid comeback in stocks, though, came with caveats.
In 2022, as bond rates have risen, stock prices have fallen, and crypto has imploded, even true believers are questioning what the bottom for markets might be, and when we will get there. That pullback has had its consequences, with equity riskpremiums rising around the world.
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