- We’re in the second year of a presidency, which has always tended to have weaker than average returns.
- Global oil price shock similar to when Russia began invasion of Ukraine, but this time it’s in relation to US invading Iran.
- Energy and defence stocks are doing well while technology is stagnating.
- Crypto is in the gutter as it was in 2022
Not that it matters long term, but do we think this will be a pretty boring down year?