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2023 Q1 Investment Letter (Banking Crisis)
The S&P 500 Index returned 7.50% and the S&P Global Broad Market Index returned 6.94% in the quarter ended March 31, 2023.1 Though you wouldn’t know it from the numbers just cited, the global stock market was full of drama last quarter, especially in the banking sector. First, in early March, Silicon Valley Bank (“SVB”) …