Fourth Quarter 2021 Investment Perspective

January 2022
Quarterly Updates

CIO Commentary

The third quarter pullback which we highlighted in our last correspondence led to more attractive valuations overall and an increase in buying opportunities.  These factors contributed to a strong fourth quarter finish and the completion of a robust year for our Composite.

Our Portfolio has advanced sharply from the March 2020 lows, and Composite performance overall has been quite strong over the past 3-, 5-, and 10-year periods.  We are now a far cry from 2008’s experience, 2009’s bear market bottom, and the third quarter 2011 price/earnings ratio lows.

These well-above average trends reflected a recovering economy, a prolonged economic expansion, low inflation, a drop in interest rates, and accommodative monetary policies.  Growth was in vogue and valuations rose over this period, but the pandemic experience took matters and markets to a whole new level.

To read more, download the full Fourth Quarter 2021 Investment Perspective.