Mid-Year Review 2022 – 10 Lessons for the Financial Markets.

The hardest part is probably still to come.

The records of 2021 seem far away on the financial markets. The first six months of 2022 have been marked by a series of shocks, mainly inflation amplified by the consequences of the war in Ukraine.

All these factors have created a lot of volatility, pushed up rates, and caused asset values to fall. As far as volatility is concerned, I had already told y…