TopPicks from Gordon Reid, president and chief executive officer, Goodreid Investment Counsel
FOCUS: U.S. equities Investors worldwide were bloodied in 2022, the result of central bankers raising interest rates in an effort to tame inflation. This medicine kills the disease , but also can severely weaken the patient . The good news is that the patient always recovers. The bad news is that a recession is often a by-product of achieving the desired result. Inflation is rolling over and almost certainly will continue to fall.
So, given all that, what can we expect from equity markets in 2023? We are optimistic but cautious. Here’s why:As we outlined in our commentary last quarter, after bear markets, stocks rise a high percentage of the time.The last two years of a presidential cycle are statistically very strong. Much of the corrective action has been achieved within companies. Valuations have dropped dramatically but a deeper dive into the valuation illustrates that the average stock is trading at an attractive valuation of less than 15 times earnings.Of course, just because the calendar turns doesn’t mean the “all clear” will be sounded. We expect the process to unfold, with inevitable bumps in the road.
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