Third Quarter 2023 Market Newsletter

Markets

SHARE THIS POST

CLICK HERE TO READ THE FULL NEWSLETTER

EXECUTIVE SUMMARY

Stocks and bonds fell in the third quarter. For the year to date, the positive performance of large US stocks (S&P 500 Index) was helped considerably by stocks of technology companies. The median stock in the index is flat for the year.

Despite a rapid increase in interest rates engineered by the Federal Reserve, the US economy remains relatively strong. The rise in interest rates is being partially offset by easier fiscal policy and strong balance sheets of households and corporations.

An index of leading economic indicators is still signaling a recession in the next year. It is possible that the recession will be a mild one since the cyclical sectors of the economy are not elevated.

US stocks are trading at a level marginally more expensive than their 25-year average. Non-US stocks are relatively cheaper.

Diversification reduces risk without a commensurate reduction in returns. Historically, asset classes in a diversified portfolio have gone through periods of underperformance but have bounced back and helped over time.

Subscribe to our quarterly newsletter and get insights in your inbox

© 2023 . SARSI LLC. ALL RIGHTS RESERVED

Disclaimer

Sarsi, LLC (“Sarsi” or “the firm”) is a registered investment adviser located in New Jersey. Sarsi and its representatives are in compliance with the current registration mandates imposed on state registered investment advisers in those states where registration is required. The firm may also transact business in those states in which it maintains registration or qualifies for a corresponding exemption there from.

Use of this website is limited to the dissemination of general information regarding Sarsi’s investment advisory services offered to individuals residing in those states where providing such information is not prohibited by applicable law. Accordingly, the publication of Sarsi’s website on the internet should not be construed by any consumer as a solicitation or attempt to effect transactions in securities, or the rendering of personalized investment advice. Nothing on this website should be interpreted in any manner whatsoever as a substitute for, or the receipt of, personalized investment advice. Certain of the information contained herein may not be suitable for everyone and may be derived from external sources that are not affiliated with Sarsi. While Sarsi believes these sources to be reputable, the Firm makes no representation or guarantee as to the accuracy, timeliness or suitability, completeness or relevance of the information prepared by any unaffiliated third-party, whether linked to the website or referenced herein. All such information is provided for convenience purposes only and all users therefore should be guided accordingly. Any subsequent, direct communication with a prospective client of the Firm will be initiated by a representative whom is either registered or exempt from registration in the state in which the prospect resides.

Detailed information pertaining to Sarsi’s qualifications, business operations, fee schedule service offerings can be found in the Firm’s Disclosure Brochure which appears as Part 2A of Sarsi’s Form ADV. Additional information about Sarsi, as well as a current version of the Firm’s Disclosure Brochure, is available on the Investment Advisor Public Disclosure website which is operated by the U.S. Securities and Exchange Commission, at www.adviserinfo.sec.gov

ACCESS TO THE FIRM’S WEBSITE IS PROVIDE FOR INFORMATION PURPOSES ONLY AND WITHOUT WARRANTIES-EXPRESS OR IMPLIED-WITH REGARD TO THE ACCURACY, TIMELINESS OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS WEBSITE OR ANY THIRD-PARTY WEBSITE LINKED HERETO.