FRFFF - Moon Capital Management Q4 2023 Letter

2024-01-27 20:45:00 ET

Summary

• Moon Capital Management, LLC is a SEC Registered Investment Adviser. Moon Capital helps individuals, families and institutions meet their financial goals by providing a full range of investment management and planning services.
• Instead of recession, the U.S. economy defied expectations and grew more than 3% in 2023 with the U.S. stock market outperforming expectations with returns ranging from 14% (DJIA) to 24% (S&P 500).
• Our stock portfolio matched the S&P 500’s 24% return.
• Some of our best performing positions in 2023 were investments that probably wouldn’t have seemed logical to someone making decisions on the basis of macroeconomic forecasts or what seemed obvious at the time.

Dear clients and fellow shareholders:

If there was anything that economists were clear about a year ago, it was that the U.S. was in for a challenging 2023. More than two-thirds of the economists at the 23 large financial institutions that do business directly with the Federal Reserve predicted an impending recession. The reasons were evident-the housing market was declining, banks were tightening lending standards, interest rates had reached their highest levels since 2008, inflation stood at 7%, real wage growth was negative, and the Conference Board's Leading Economic Index had fallen for nine consecutive months....

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