Q4 2023

After a difficult 2022, financial markets staged a big recovery in 2023 with much of that recovery coming during a strong, risk-on rally in the fourth quarter. All major asset classes contributed meaningfully positive returns, ranging from 5% at the low end to almost 25% at the high end. Large cap U.S equity markets led […]

Q3 2023

After a strong first half of the year, all major equity markets experienced losses in the third quarter. U.S. stocks, as measured by the S&P 500, were down 4.9% in the quarter, though they are still up 11.7% for the year (both excluding dividends). Foreign stocks, as measured by the MSCI ACWI Ex USA Index, […]

Q1 2023

Q1 2023 whitney & company report

After a difficult 2022, both stocks and bonds got off to a strong start in the new year. Softer-than-expected data on inflation in January led to falling long-term interest rates and optimism that the Federal Reserve rate-hiking cycle was coming to an end. This led the S&P 500 to post its second strongest return for […]

2022 End of Year Letter

Whitney & Company 2022 End of Year Letter

Each year on the last day of trading, the traders on the floor of the New York Stock Exchange close out the year by singing the song Wait Till The Sun Shines Nellie by Buddy Holly. The basic message of the song – look to the future, it’s going to be better – seems particularly […]

First Quarter of 2022

welcome-2022

The first quarter of 2022 was uniquely challenging as most major asset classes turned in negative returns, and asset classes that have historically provided stability (bonds) to a portfolio were down more than more volatile asset classes (stocks).  Indeed, U.S. bonds, as measured by Bloomberg U.S. Aggregate bond index, suffered its worst quarter in more […]

4th Quarter of 2021

Business People Analyzing Marketing and Finance Report

If you follow U.S. financial media, you might be surprised to know that financial markets turned in somewhat mixed results in 2021. U.S. equities, which dominate the news coverage, did indeed generate very strong returns in 2021. However, fixed income returns were flat-to-negative for the year and international stocks lagged the performance of U.S. stocks […]

2nd Quarter of 2021

finance

Financial markets followed through on recent momentum to generate strong returns for investors in the second quarter of 2021. Equity markets in the U.S. led the way once again with the S&P 500 index up 8.2% in the quarter (excluding dividends), while foreign stocks and the stocks of smaller U.S. companies were up a little […]

First Quarter of 2021

Stock charts on the monitor close up. Finance and stock exchange concept

After one of the most volatile years in history, financial markets began 2021 in relatively quiet fashion. Equity markets around the world generated solid returns in the quarter. U.S. stocks, as measured by the S&P 500 index, were up 5.8% (excluding dividends), while developed and emerging international equities were up 2.8% and 1.9%, respectively. In […]

2020 Year End Review

year 2020

While 2020 was a difficult year for many people in many respects, it turned out to be another strong year in financial markets. Despite the Covid-19 pandemic which ground the global economy to a halt in March and drove precipitous declines in global equity markets, most major asset classes generated positive and relatively strong returns […]

Third Quarter Update

Business or Finance

In the third quarter, equity markets continued their recovery from the March lows. US. stocks as measured by the S&P 500 index were up 7.6% in the quarter, bringing the year-to-date increase to 3.2%, excluding dividends. As shown in the table below, the stocks of foreign companies and smaller US. companies also moved higher during […]