The Boyar Value Group just released our latest quarterly letter to clients.
Please find an excerpt of the letter below:
A Look Back at 2022
2022 was a painful year for equity investors and speculators alike. The major U.S. stock indices all declined, with the Nasdaq losing ~33% and the S&P falling by ~18%, while the Dow Jones Industrial Average lost “only” ~7%. International and emerging market equity investors weren’t spared, either, with the MSCI All Country World index of developed and emerging market equities down almost 20% in 2022 (the worst decline since 2008). London’s FTSE 100, which consists largely of energy, mining, and pharmaceutical companies, was a rare bright spot, increasing slightly in pounds sterling. According to
Tommy Stubbington and Adam Samson, writing in the Financial Times, the market value of companies traded across all global stock exchanges dropped approximately $25 trillion in 2022.