3Q23 Quarterly Investment Letter
On September 3rd, 1997, Peter Lynch took to the podium to share his investment insights. The words of the luminary and former manager of the Fidelity Magellan Fund carry weight with eye-catching returns that doubled the S&P 500 during his tenure from 1977 to 1990. His key message was, “There is always something to worry about.”
While carrying a negative connotation, his point was just the opposite. He reinforced having a long-term perspective, which might seem like an outdated tactic from more than two decades ago. Yet, there are remarkable similarities to today. Notably, in 1997 a new wave of technological advancement (internet then, artificial intelligence now) was molding the world around us. Monetary policy was similarly restrictive, with the Federal Funds rate nearly identical to today’s level.
As we take stock of the current market backdrop, Lynch’s words ring true again. There is plenty to worry about. Should we?
We share our thoughts in our 3Q investment letter, in conjunction with our partners at Callan LLC.
For our latest economic and market insights, download our 3Q23 Quarterly Letter.