This quarter, we played our usual game of “tag” with the broader stock indexes.

This quarter, the invisible thermals holding the S&P 500 aloft continued to lift the market to ever greater heights.

The market surged this quarter and, somewhat uncharacteristically for such a breathless sprint (especially one fueled principally by tech), our stocks outpaced it.

To paraphrase Tom Lehrer, 2022 was the year that was. And indeed, what a year it was: the bomb cyclone that buried a large swath of the lower 48 in deep drifts and paralyzing cold seemed a fitting grand finale for a year that began with real bombs of the detonating sort, aimed at Kyiv and the Ukrainian people.

In many ways, it was a Cruel Summer. Extreme weather, multiple high-profile strikes, and the threat of yet another government shutdown cast long shadows.