The S&P 500 is roughly where it was two years ago, around 4,000. Since then, it has visited 4,800 (+20%) and 3,600 (-10%) – clearly not a flat journey. The TSX has fared better, starting at 18,500, rising to 22,000, back down to 18,500 and then up to 20,000. Meanwhile, most bonds lost a little money in 2021 and a sizeable amount in 2022 … certainly a challenging investment market. Of course, we have seen worse periods for markets, and fortunately, we have often seen better. But even if your portfolio has become a tad smaller over the past two years, there is a silver lining. The scenario of events has created a great environment to understand yourself as an investor (or understand your clients’ behaviours better).

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