If you’re a financial advisor or a fund manager and you weren’t down 20% last year, you won, basically. The S&P fell into a 20% bear market while the Nasdaq crashed almost 40%. Bonds were down double digits as an asset class. International stocks, while outperforming the US and not down as much, were still down a lot. Except for Turkey, which inexplicably doubled last year – here’s the TUR ETF, up 99% in 2022.

I would Google it to find out why, but I don’t feel like it. Maybe there’s no reason at all.

The Dow Jones Industrial Average was down less than 10% thanks to larger weightings toward energy stocks, but no one owns the Dow Jones in the way people own the S&P 500. Proof? The SPY ETF has $356 billion in it and the index has hundreds of giant ETFs and mutual funds tracking it.

Keep reading this article on The Reformed Brocker.

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