2023 was a highly volatile year. It kicked off with the “regional bank crisis” downturn followed by a big rebound. Afterwards, there was a significant interest rate spike which sent markets spiraling again, and then the year was capped off with an explosive junk rally. Clifford Capital declared signs of increased M&A early in the year. But the bank crisis froze credit markets. Shortly after the rebound the interest rate spike froze credit markets again. Our observation? More M&A to come! And the 2024 start has exploded with activity.
- Is this a good thing for markets?
- Will increased M&A be a tailwind for value investing?
- Will the increase of activist investors we saw in 2023 finally be able to make moves?
- How will these affect Clifford strategies?
We hope you can join us for this timely and informative update.