2Q 2022 Recap & 3Q 2022 Outlook
Financial markets remained unsettled and volatile during the second quarter. The stock market’s trend changed multiple times as investors continued to search for direction amid a sea of changing conditions. The S&P 500 finished the second quarter with its worst three-month period since the first quarter of 2020 and worst first half of a calendar year since 1970. This quarter’s letter recaps the first half of 2022 and discusses the top investment themes heading into the second half of 2022.