Q1 had a bucket-load of noise. We’ve already spoken a lot about the irrational behaviours of yesteryear, that resulted in the asset deflation of 2022. Nobody is interested in taking the time to value anything when interest rates are 0%, however, as this starts to move, to infinity and beyond is replaced by finite and now. Considering this movement, we see “investors” operating under last year’s playbook.
We chose not to participate in these “go-go” years as for Alvia, it isn’t about earning outsized returns that are volatile and unsustainable, but good, consistent returns – with this most apparent in bear markets.
Bull markets favour asset traders, while bear markets favour business investors.
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