1Q In Review: Encouraging Rotation Gives Way to a Strait Jacket | Steve Henderly, CFA
Are you exhausted?! The first quarter included two major military operations (Venezuela and Iran), a flirtation with Greenland, another government shutdown, turbulence in private credit markets, and intensifying worries around how AI may decimate a number of sectors. The S&P 500 was down “only” 4.4% (client portfolios fared much better – more on that in a moment). Given the optimistic market sentiment entering the year, the abrupt mood swing from February to March felt even worse.