TXN - Madison Investments 2023 Year-End U.S. Equity Letter
2024-02-11 07:40:00 ET
Summary
- The story of the year was the glaring concentration of returns in the Magnificent Seven, as the press has dubbed them.
- The broader story for the stock market in 2023 was that bigger was better across the board, keeping with much of the past decade, but more extreme than usual.
- Why do we prefer to invest in companies less exposed to the vicissitudes of economic and industry cycles?
The U.S. stock market had a good year in 2023. The S&P 500 Index ( SP500 , SPX ) recovered all of its 2022 decline, and slightly more, ending the year up 26.3%....
Madison Investments 2023 Year-End U.S. Equity Letter