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| S&P 500 Drawdowns since 2010 |
The month of June proved the old “sell in May go on holiday” correct for all asset classes except cash denominated in major currencies. Although a correction was long overdue both for bonds and stocks, one can’t help always feeling surprised when it arrives!
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Summer corrections are nothing new since the equity rally began in 2009, as you can see in the chart below. In all instances the market dipped even further before rallying for the remaining of the year.
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Investments Office, June 2013
30.06.2013
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Themes
Asia
Bonds
Bubbles and Crashes
Business Cycles
Central Banks
China
Commodities
Contrarian
Corporates
Creative Destruction
Credit Crunch
Currencies
Current Account
Deflation
Depression
Equity
Europe
Financial Crisis
Fiscal Policy
Germany
Gloom and Doom
Gold
Government Debt
Historical Patterns
Household Debt
Inflation
Interest Rates
Japan
Market Timing
Misperceptions
Monetary Policy
Oil
Panics
Permabears
PIIGS
Predictions
Productivity
Real Estate
Seasonality
Sovereign Bonds
Systemic Risk
Switzerland
Tail Risk
Technology
Tipping Point
Trade Balance
U.S.A.
Uncertainty
Valuations
Yield
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