International Equity Commentary | 1Q 2023

Quarterly Letter

10 min read | Equities delivered strong gains during the first quarter as investors shrugged off two of the three largest bank failures in US history and the collapse of once venerable Credit Suisse.  The proximate cause for the rally is a belief that inflation risk is vanquished, interest rates have peaked, years of extraordinary financial stimulus can be normalized painlessly, and the global economy will not experience a downturn.  This implies a tremendous amount of confidence in policymakers.