Quarterly Commentary: March 2022

When the sun does not shine, the wind does not blow, and the water does not flow.

Inflation surging to 40-year highs, global supply chains broken by a pandemic, ubiquitous labor shortages, and a full-scale military invasion of Ukraine by Russia…we live in exciting times! These headwinds fueled a rise in volatility and pushed stocks lower in the first three months of the year. This environment reminds me of the Thomas Carlyle saying: “No pressure, no diamonds.”