November 2022 Highlights:

• Bear markets and recessions
  Recessions don’t always go with a bear market, and bear markets don’t always go with a recession. Plenty of times, history has seen only one or the other, rather than both.
• Most reliable recession indicator is flashing
  In October, the 3-month and 10-year treasury yield relationship inverted, typically one of the most reliable recession indicators.
• Alternatives do better with higher “cash” returns
  Typically, alternative funds have posted stronger returns during periods of higher “cash” returns than during periods of lower “cash” returns.