CIO Outlook 2023 by Jeffrey Lee, Director & CIO at Phillip Capital Management
- Dramatic correction predicted by high stock
valuations, insider selling, and Fed tightening as
pointed out in our letter at the start of 2022
- US stocks are still overvalued but the ongoing correction
will sow the seeds of the next bull market
- Buckle up but stay focused on quality stocks and
investment grade bonds
To prepare for 2023 and beyond, it is critically important to review what happened in the past and to draw the right parallels from it.
In our letter on 3rd January 2022, we pointed out that the high stock valuations, heavy insider selling (especially from technology leaders), declining stock market breadth, and Fed tightening could rock stock markets and stymie recovery… (continued)
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