Branzan Advisors Commentary | June, 2022

Investors have been through a lot during the first six months of 2022. After years of complacency and expecting stock markets to continue their march upward and bond markets to maintain record low interest rates, things changed in a hurry. Major stock market indices entered bear market territory and many stocks suffered significantly more than the general indices would indicate. High flying technology stocks were hit particularly hard as investors became concerned about growth rates and the impact of higher interest rates on earnings that were projected far into the future. During this time, bonds did not live up to their roles as safe havens as yields increased markedly and prices declined.

Where do we stand now?

Uncertainty is high. Investors are nervous, and rightfully so. It’s difficult not to be concerned about the events of the last six months:

·        The highest inflation the U.S. has seen in over 40 years

·        Aggressive (but likely too late?) interest rate hikes by the Federal Reserve

·        The Russian invasion of Ukraine

·        High oil and natural gas prices

·        Record high gasoline prices

·        30-year mortgage rates close to 6%

·        Record low Consumer Sentiment Index (University of Michigan)

·        And the list could go on and on….

We believe uncertainty and fear drive opportunities. With our focus on hard assets and income producing investments, we believe we are well-positioned to continue to provide our investors exposure to an alternative asset class that is difficult to replicate elsewhere.

Sincerely,

Branzan Investment Advisors

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