Two Minute Tuesdays

Retrospective and Prospective

Written by Chris Proctor | Jan 2, 2024 2:00:00 PM

Each year we reflect upon our Research Team’s previous Two-Minute-Tuesday (TMT) pieces to gauge the relative importance and how topics influenced our collective weekly investment insight and decisions. We also look at some of the more nascent topics as these have a sneaky way of becoming larger, market-moving topics the following year.  

So what were the most written about topics for 2023? What can we predict may develop into larger topics in 2024 based on the newer topics? We created a WordCloud to help us visualize.

 

2023 TMT WordCloud
What does This Year’s WordCloud Reveal? 

In a WordCloud the most prevalent topics are represented by the largest font size. This year market dynamics and economic growth drove the investment narrative. Clearly these topics were surprising as both Equities and Bonds powered through the fastest rate hike cycle in 30 years and delivered above expected returns.

Diminished in importance this year were last year’s top topics of inflation and Fed Policy—that’s so 2022 right? The fact that they are still on this list leads us to believe that while they may not be the primary market drivers they once were, they are still relevant risks.

Perhaps more interesting are the new topics that made the WordCloud this year but did not in 2022. These include such macro topics as unemployment and fiscal spending (which are likely to be important diametrical political issues in the 2024 election campaigns).

Other new topics include the credit markets and the consumer. If the past is any guide, we view this as confirmation in our research process that valuations going forward may react more to these indicators as we get further into 2024.

We continue to write frequently about the energy and real estate markets. We feel that these sector related issues and opportunities have relative staying power and are likely multi-year secular topics.

Finally, we like to know what you’ve been reading! According to view statistics, there appears to be interest in ETFs within an asset allocation framework, timely macro insights and portfolio construction - and we plan to continue expanding these ideas into 2024.

Thank You and we wish everyone a Happy, Healthy and Prosperous New Year!  

Important Disclosures & Definitions

AAI000529 01/02/2025