Article last updated 22 July 2025.
2022 look back: a year to forget
Rathbones’ co-chief investment officer Ed Smith gives a review of 2022 (6 minutes)
If 2021 was a year to remember, 2022 was one to forget. And it turned out a lot differently from what was expected when it began, as Ed explains in this video.
As inflation took off and interest rates soon followed, traditional safe havens were no use – equities and government bonds alike fell by more than 20%, fulfilling the definition of a bear market.
Within equities there were two key trends in 2022 – the first was the underperformance of what we call cyclical sectors, which simply means those that are more vulnerable to economic weakness, and the other was the dramatic drop in the previously sky-high valuations of what are commonly called ‘growth’ companies – especially unprofitable technology stocks.
Tune in to hear Ed’s review of 2022 and the state of the global economy and markets as it comes to an end.
2023 outlook: will it be less volatile?
Rathbones’ co-chief investment officer Ed Smith discusses our outlook for 2023 (8 minutes)
What kind of a new year will 2023 be? That’s likely to be determined by the answer to two questions: 1. Will the world’s major economies fall into recession? And 2. How high will rates go?
Uncertainty remains high, and the corollary is that the range of possible returns from financial markets is still wider than usual. Yet we believe we are likely nearer to the end point.
Tune in to hear more on our views on the outlook for the global economy and markets, and what we would look for before turning more positive.
You can also read Ed’s full review and outlook here.
