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2021 REVIEW
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!
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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.