Another way of looking at how tough 2022 has been is shown below. The video shows that with the exception of #naturalgas and #oil, most asset classes have ben sold aggressively during the year. Risk-on assets such as crypto, Tech mega companies and small caps were shattered. But Risk-off assets such as Treasuries were also dumped due to their long duration nature. Furthermore, the numbers are presented in nominal terms, which means that if we take inflation at 7% into account, the real returns are even worse. Interesting to see that #highyieldbonds, a traditional risk-on asset performed slightly better than Treasuries, due to their high coupons and the fact that no significant credit events materialized in 2022.

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