2022 was a brutal year for the markets. Independently of which market you take a look at, 95% chances are that it’s been down and badly. Volatility is something we have discussed in this newsletter several times and I think it’s very coherent for me to share the actual experience prior and post events occurrences. Prior to things happening, I post what I consider to be theory of how these potential scenarios could look like and how one can react to maximize chances of making right decisions. Well, last year filled many gaps between theory and reality.
Still very good results given the macro back drop. Having a large exposure to tech also wasn’t great for returns this year. But like all businesses, they turn out to be somewhat cyclical. Tech will have its time again.
Great job with the portfolio and good luck for your master Giuliano!