Perspectives: Episode 69 – A look back at 2022 and ahead to 2023

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the challenging year that was 2022. "There is not a single person alive who can remember a year that we have just had because we have never had a year like 2022". There is reason to be more optimistic for 2023 however – the rate hike cycle is close to the end, China is reopening, jobs are plentiful, wages are growing, consumers are spending, inflation is easing. So what's to worry about?   (0:58) - Tracey 2022 was quite a year – it is almost hard to believe the kind of year we have had.   (4:10) - What about 2022 from an investment markets perspective?   (5:34) - Why did diversification fail?   (8:19) - How did the passive versus active battle work out? Did active managers redeem themselves in any way last year?   (11:05) - So what does 2023 have in store?   (13:22) - Tracey one of your favourite charts that you showed us in the morning meeting on Monday was the close relationship between the US equity market and the ISM manufacturing index. That is looking particularly interesting right now.   (16:16) - Just finally, earnings season is underway in the US with the banks reporting last week. What are you looking for in the coming weeks?