ABX:CC - Year End Portfolio Review - Value Comes Through In 2022

Summary

• My portfolio had a total return of -6.1% in 2022, strongly beating the S&P index fund's total return of -18.2%.
• Market preference for value over growth continued to drive performance, as did my temporary rotation out of riskier fixed income investments.
• I began increasing bond allocations again in the second half, resulting in 7% portfolio income growth for the full year.
• The bear market could bottom this year even if we find that a recession is already past. Value can continue outperforming growth in a new bull as it did in 2003.

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