The first quarter of 2023 was a reverse of last year with stocks and bonds starting the year with strong performance. In the macroeconomic environment, we saw interest rates continue to rise, which resulted in the first “breakage” in the economy with Silicon Valley Bank and First Republic Bank both having a run on their deposits. In addition to the challenges banks face, we also are seeing higher interest rates create headwinds for commercial real estate. For an exploration of these and other topics, please read the attached letter and commentary.
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