Quarterly Letter
8 min read | International Equity markets delivered strong gains in 2023, climbing 18.2% for the year and 10.4% in the fourth quarter, as measured in US dollars. These gains marked a reversal of 2022's dismal market performance (-14.5%), as animal spirits returned with vigor. 2023 concluded with the VIX near multi-decade lows, bitcoin up over 150%, global high-yield bond spreads near 15-year lows, and equity investor bullishness near all-time highs.
