Q3 2022 – Annandale Capital Quarterly Commentary

The subject of this commentary is like the last, but the market backdrop is worse. Since our last letter, global equities have fallen an additional 6.7% and US investment-grade bonds 4.8%. That puts equity and bond returns at -25.3% and -14.6% respectively (through 9/30/22). Equity losses of this scale are infrequent, but to be expected. […]