Over the past two months, diversified portfolios finally came back into favor after experiencing an extremely narrow market where only the largest companies made progress. The market pivot that started in November allowed us to aggressively lower our cash reserve target to buy stocks with favorable pricing and good prospects. And while this turn did not make up for the relative underperformance experienced in most of 2023, we strongly believe this will be short-lived and expect the market to gravitate towards Growth, rewarding our holdings as the New Year unfolds.

On many fronts, we believe pandemic era trends are firmly behind us as inflation continues to fall and supply chain disruptions are no longer hampering production. An economy marked by high investment, high productivity and strong labor will undoubtedly boost profits, and we see a more normal cycle ahead than the volatile one we are just now exiting. In our opinion, we have reached a turning point in markets that should reward a broader range of companies versus a select few.