2022 Review
2022 was an unprecedented year of demand destruction and wealth destruction across financial asset classes. Bitcoin was down 75% from its all-time high. However, this is its fourth worst drawdown and continues to make lower highs each cycle.
For many a decade, the 60/40 portfolio of stocks and bonds protected investors in the worst of times as treasuries were able to hedge against the downside volatility in equities. However, treasuries performed even worst than equities, a feat that hadn’t occurred long before the ’60s.
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