2022 was a year to forget for investors. U.S. equities had the worst year since 2008, U.S. bonds the worst year since the 1970s. Stocks and bonds both provided negative annual returns for the first time in decades, leading to the 3rd worst year of performance since 1950 for the “60/40” portfolio comprised of U.S. stocks and bonds. Despite a strong 4th quarter rally, global equities ended the year close to bear market territory.