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The end of the third quarter is here and despite the worries about deficits, wars, inflation and interest rates, it has been a good year, so far. Equity markets are up, above all, in the U.S., but also in Europe. Returns are concentrated in 7 names, and we’re still below 2021 highs, but considering the context, and particularly after a desatrous ‘22, the scorecard is really good. Notable exceptions: the long end of the Treasury curve and REITs, which are continuing the debacle of last year. #growth is performing much better than #value so far, and #commodities and #gold are barely up for the year. Not necessarily what an investor had in mind at the beggining of the year. Next, corporate earnings, watered down by analysts, and 2 more #fomc meetings.

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Chart source: Charlie Bilello.

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