What a huge reversal 2023 turned out to be. We saw stock and bond markets across the globe do a 180 degree turn from 2022 and generate positive returns with equities globally delivering over 20% returns. It’s an even bigger surprise as we began the year with such pessimism. We have to ask - are we optimistic enough or too optimistic as we begin 2024? The market and its participants seem confused and so we’ve decided to wrap up 2023 and bring in 2024 with a look back and a look forward to the key themes that we see moving markets. Another year goes by where expert forecasters got many things wrong - from the direction of markets and interest rate policy to escalating geopolitical tensions. The long forecasted recession never arrived in the US. While many saw the advent of AI and ChatGPT as an important technological development, yet many underestimated its impact on financial markets. Many also overestimated the impact of and the...