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Market Commentary May 2023

Letter 3

Concerns from March continued into April, with First Republic Bank surpassing Silicon Valley Bank as the second-largest bank failure in the United States. While these failures shocked many, they are a normal part of markets.

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Market Commentary December 2025

November unfolded in two distinct halves: risk assets first experiencing a selloff, before staging a strong rebound toward months-end.

Market Commentary November 2025

Markets ended October higher overall, but not without a few twists along the way.