Charles-Henry Monchau

Chief Investment Officer





What a year! Global covid cases at record high, US inflation at 39 year high and the fed on track to raise rates by 6 times in the next 2 years. But the majority of risk assets (at least in the US and Europe) have been able to climb the wall of worry: the S&P 500 posted its 7th double-digit gain in the last 10 years and for future the 1st time ever, all 11 sectors finished the year in positive territory. European stocks had their 2nd best year since 2009. Commodities was the best performing traditional asset class as oil surged. But the best performing "asset class" was cryptocurrencies with 60% gain by bitcoin and even greater performance by altcoins including ether. Tech, innovation and disruption continue to be all over the place and most of us learned about new words and acronyms: nfts, metaverse, defi, etc.

Meanwhile, emerging markets equities are struggling with China being hit the most. But it was also a painful year for US stock pickers (85% of active managers underperformed), fixed income investors (bonds had their worst year since 1999), precious metals and foreign currencies.

We hope you will enjoy this globalmarkets wrap-up. On behalf of the whole team, I am wishing you a fantastic year 2022!



This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

Read More

Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

Thinking out loud

Sign up for our weekly email highlighting the most popular posts.

Follow us

Thinking out loud

Investing with intelligence

Our latest research, commentary and market outlooks