In this commentary we discuss the very weak performance for both equities and fixed income for 2022 thus far, our thoughts on the Federal Reserve and its rate hiking campaign, our belief that corporate earnings estimates for 2023 are too rosy, thoughts on an economic recession, and our views that valuations have come down enough to make fixed income and equity investing more appealing than it was earlier in the year. While not calling a bottom in either asset class, we believe the bulk of the pain is in the rear-view mirror.

Please read the Third Quarter Market Commentary for more details.