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After ‘Tough Year,’ TIFF Expects ‘Goldilocks’ Recession in 2023
S&P 500 rises sharply, Nasdaq erases weekly losses as Netflix, Alphabet jump
TIFF’s Annual CEO Letter, 2022/2023

As we enter 2023, TIFF’s CEO, Kane Brenan, shares a 2022 year-end review and 2023 outlook. Kane writes about TIFF investment, service, and addresses the 2023 initiatives and priorities that will help TIFF achieve our mission to deliver investment excellence in 2023 and beyond. To read TIFF’s Annual CEO Letter, please download the PDF.

4th Quarter 2022 CIO Commentary

So Many Moving Parts

2022 is a year most investors will be glad to put in the rearview mirror. Capital markets were unkind, almost all of them. Rather than try and dig into all the reasons why, we’ll summarize by saying that anything that could create inflation did – money printing, war, supply chain bottlenecks, slow response from the Fed, etc. – and the subsequent rise in rates derailed stocks, bonds, and just about everything else. If one could have known in advance just how high rates might go, then 2022 might not have been such a surprise, and maybe it could have been navigated better. With correlations high, it still would not have been easy, but maybe a bit easier.

This is an excerpt from a longer commentary. Please Download the PDF to read the entire 4th Quarter 2022 CIO Commentary.