Markets Have Challenging Week, Energy Continues Outperformance

Equities have been punishing YTD, but sector leadership is clearly cyclical
The best way to describe the first 25 trading days of 2022 is treacherous. On many fronts, we are facing inflection points on monetary policy, COVID-19, inflation, geopolitics, elections (mid-terms) and even general mood. So it is not surprising to see investors apply a “hair trigger” to stocks and markets. And naturally, conviction remains low.

Of course, our base case for 2022 (from early Dec) was the 1H of 2022...

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