February 4, 2014
Fourth Quarter 2013: Chart of the Quarter
Financial markets have rallied dramatically from the lows of the Global Financial Crisis in 2008. Risk assets have realized double-digit five-year compound annualized returns despite a succession of challenges. An economic crisis in Europe, lackluster employment growth, political gridlock, elevated energy prices, and geopolitical turmoil have created constant uncertainty for investors. At each impasse, global markets have yielded some ground initially but then swiftly recovered losses. The markets’ collective ability to withstand external shocks has been due in large part to the role of the U.S. Federal Reserve. The Fed and other central banks have provided a progressive stimulus to economies and eased financial markets’ anxiety.
On a quarterly basis, Hirtle Callaghan publishes our perspective on the current market. We have included the first page of that piece below. If you would like to receive the full perspective, please contact us.