13 Feb CORRECTION PERSPECTIVES

After an extraordinary two-year period of market calm, the major U.S. equity
markets slipped into correction territory last week. A perfect storm of investor
worries collided over the past six trading days, including inflation, monetary policy,
and the unwinding of crowded, complex trades. The result was an unprecedented
bout of market volatility, highlighted by 1,000-point swings in the Dow Jones
Industrial Average and the fastest retreat ever (nine days) from a record level in the
S&P 500 Index to a correction.

In light of last week’s market action, we think it is appropriate to provide investors
with perspective on these developments by answering three basic questions:

1. What happened?
2. Where might stocks go from here?
3. What actions should investors take?

We hope the answers to these questions will provide investors with valuable
perspective on the market correction, help them figure out a potential path forward,
and facilitate informed long-term decisions relative to diversified portfolios.

View the full weekly market commentary here.

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