05 Oct 3Q, 2022 Asset Class Return Quilts
- Great year so far for mean reversion as losers of much of last cycle (midstream, cash, and commodities) lead.
- Not only has cash protected well this year, but current yields imply higher forward returns than last decade.
- Despite massive losses this year for traditional risky assets and swing in leadership, ranked 10-year returns show a persistent theme.
- Speaking of losses, these quilts highlight just how unusual it is to have both stocks and bonds down so much in any given year.
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