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2022 Q1 Investment Letter (Wheat on a Chess Board)
The S&P 500 Index returned -4.60% and the S&P Global Broad Market Index returned -5.55% in the quarter ended March 31, 2022.1 While the quarterly index returns cited above suggest a fairly quiet quarter, they belie huge moves under the surface, many of which were catalyzed or reinforced by Russia’s invasion of Ukraine. A few …
