Stocks left the 4th quarter better than they found it, but still ended significantly below where they started the year. Bonds followed suit, improving in price relative to the beginning of the quarter, but still posting their worst return in over 45 years. Commodities such as oil and natural gas along with the US Dollar (cash) offered some shelter to investors if they held them; but, given the underperformance of commodities in the years leading up to 2022 we suspect most investors had given up on them and were playing catch-up at best. Supply chain challenges, the Russia-Ukraine war, inflation, and interest rates are a few of the most notable factors that drove prices lower and volatility higher across asset classes…
