In a recent Wall Street Journal commentary (“Crypto Is Money Without a Purpose,” Dec. 19, 2022), Todd H. Baker argues that crypto activities mimic finance but are really only gambling in disguise.

At the end of the movie The Mule, there is a theme song entitled “Don’t Let the Old Man In,” written and sung by Toby Keith.

“It’s never over till it’s over.”

Whether viewed by home sales (demand) or housing starts (supply), the US housing market downshifted significantly during 2022.

We thank Javier Corominas for permission to use an excellent chart from the Global Strategy team at Oxford Economics.

We’re planning on writing some longer-range observations this year as we celebrate 50 years of Cumberland Advisors. That’s right. It’s 2023, and it is Cumberland’s jubilee year!

Taxable Total Return 4th Quarter Review

Global equity markets are in the final days of a challenging year. The iShares MSCI All Country World Index ETF, ACWI, tumbled downward until October and recovered some before dropping again in December, with a year-to-date December 23 decline of 19.6%.

Clients and readers have asked about the recent Philly Fed research paper discussing the missing one million workers.

We wish all people of goodwill a happy and peaceful holiday season no matter how they choose to celebrate the period.