Uncommon truths 2023: a year in review

Despite tightening central banks and economic slowdown, 2023 has been a good year for investors. If only the same could be said for my Aristotle List of surprises for the year. A year ago, we were expecting less economic growth but the belief that central banks would stop tightening led to optimism about market outcomes (see 2022 in review). Though economies slowed and central banks tightened more than we expected, assets did well.