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Has the Christmas rally started?

After a somewhat difficult stock market year, the last two months have shown signs of improvement. The stock markets were at their worst down about 30%, but now they are down "only" 17%. The worst has been on the fixed income side with a correction of +/- 20% on global Investment Grade bonds, which for investors should be the safest part of the portfolio. In Noon, fortunately, we have done significantly better.

Inflation in the US appears to have reversed. The central bank hints that we will soon be at a "restrictive" level for interest rates, which could be interpreted as the interest rate peak has soon been reached. It remains to be seen what the effects are on the labor market, company earnings and the economy in general, but there is reason to hope that we can avoid an ugly recession.

The most important thing for an investor is to have ice in your stomach, to be prepared that the market will fluctuate, but that it is still statistically more profitable to be invested over time. Timing a sale and then timing when to buy back in has proven to be a particularly difficult exercise. Being invested in financial markets is profitable over time, of course if you invest sensibly, but you must be able to tolerate fluctuations in value.

With that, we would like to thank you for your trust in the past year, and wish all our friends and partners a very Merry Christmas and wishes for a good and profitable 2023.


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