Quarterly Commentary

  • Q1 2022

    It’s spring 2022, after two years and 500 million COVID-19 cases, a vaccine miracle permitted most countries to break free of massive pestilence not seen since 1919.  The war in Ukraine highlights unpreparedness, and Europe’s systems of finance, energy, and food totter.  Fewer than half the world’s population was alive in 1981, when inflation was last at today’s increasing levels. 

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  • Q4 2021

    Whether it was inflation, supply chain disruptions, the removal of government stimulus, the prospect of central bank monetary policies — whatever spooked investors leading to the September sell-off evaporated at the start of October, and once again, markets rose. Investors shrugged off doubt and pushed the S&P 500 to new highs in the final week of the year.

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  • Q3 2021

    Markets across the globe were muted in the third quarter, with the S&P 500 posting a modest 0.58% return and the MSCI ACWI Index falling -0.95%. Emerging markets presented a dark spot, with the MSCI Emerging Markets Index falling -8.09% during the quarter.

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  • Q2 2021

    Last quarter we posited that accelerated vaccine distribution would spur reopenings and increased economic activity. Our crystal ball need not have been polished to a high sheen to proffer these prognostications, and they have indeed come to pass.

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  • Q1 2021

    Just over a year ago the World Health Organization declared the coronavirus a global pandemic. Few would have predicted the returns experienced in global equity markets over the following 12 months. With widespread economic disruption, any company demonstrating growth — regardless of profitability — became a rare commodity, and investors bid prices higher.

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  • Q4 2020

    At Saturna, we entered 2020 with cautious optimism.  Geopolitical uncertainties, rich corporate valuations, and stretched monetary policies kept us vigilant, while generally strong business and economic fundamentals supported optimism.  What we didn’t foresee was the looming pandemic, widespread economic shutdowns, and rapid government intervention.

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  • Q3 2020

    The markets charted an aggressive course through the third quarter. Following the abrupt sell-off late in the first quarter, the S&P 500 Index quickly recovered in the second quarter and accelerated its ascent through the end of August, then dipped dramatically in early September, rebounding again in the last week of the third quarter.

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  • Q2 2020

    Despite the economic carnage afflicting the global economy since the outbreak of the coronavirus pandemic, by the end of the first quarter, the stock market had already plumbed its greatest depths, with March 23 marking a nadir. Over the course of the second quarter, while not recovering all the lost ground from the February peak, the market roared back...

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