It’s rare to see two bad years in a row. I have a hunch that 2023 may rhyme with 2009. Bear markets don’t usually last longer than a year. A spectacular shakeout early in the year could set the stage for a steady grind higher later on.
That said, we contrarians don’t buy hunches. Until we see an edge, we’ll remain cautious—and follow these rules:
2023 Rule #1: Don’t fight the Fed. Print this rule out and tape it next to your computer. Or the backside of your phone. Or whatever device you use to make trades.
As long as the Federal Reserve is tightening, the obvious path for all stock and bond prices is down.… Read more