Q1 2018 – Annandale Capital Quarterly Commentary
Stock and bond volatility, which many had dismissed as an artifact of time, has reemerged. US stocks, which finished the quarter slightly down, have already seen double digit-moves in both directions, and the experience for overseas stocks has been roughly equivalent. Trying to pinpoint the exact rationale for day-to-day and week-to-week market movements is a nebulous task. During the quarter, we have seen a litany of events unfold, both big and small. Interest rates have surged higher as the Federal Reserve continues on its path of monetary tightening.