We have been consistent with our advice this year that investors will need to remain patient in this post-pandemic period as multiple factors roil global markets and slow global economic growth. We see a likelihood of a recession in Europe and increasing odds that there could be a recession in the United States as central banks raise rates to battle inflation. Adding fuel to the fire, U.S. Dollar-denominated debt is squeezing emerging economies, China is facing down a serious debt bubble in housing, oil prices are on the rise again with OPEC’s recent supply cut, and Putin’s war in Ukraine rages on.

In the face of these realities, it is easy to make mistakes as an investor. Our goal with this issue of Long Run is to offer investors a game plan for managing risks effectively in this bear market. Perhaps the greatest advantage one can have as an investor is a long-term perspective—and that might be the key to managing through current turbulence successfully.

The Long Run – October 2022