First Quarter 2022 Letter From the CIO

Where to begin? First, as always, I hope this letter finds you safe and healthy. I know we sometimes take that for granted, particularly in the US, but it seems particularly relevant to ask given the humanitarian crisis unfolding overseas with the war in Ukraine. We will touch on the financial market implications of these events later, but for now our thoughts and prayers are with the brave people of Ukraine in their struggle against Putin and his armies.

Those of you that have read my letters before or heard me speak about the economy and markets know that one of my favorite quotes is by the late Economics professor from MIT, Rudy Dornbusch. He famously said, “In economics, things take longer to happen than you thought they would and then they happen faster than you thought they could.”

In this quarter’s letter from the CIO, Walter B. Todd, III, President & Chief Investment Officer of Greenwood Capital discusses negative yielding debt, the shift in Fed policy, the Russian-Ukraine conflict and much more.

Click here to read the entire letter


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