2023: A Tale of Two Recoveries

As we unfurl the curtains down on the year 2023, in retrospect I would never have expected the year to end with such returns for equity investors. The roller-coaster journey that was 2023 unfolded in a way that defied all the predictions and expectations we had at the beginning of the year. Initial concerns of a looming recession, prompted by multiple global interest rate hikes, including increments in the US and India, were averted as the year unfolded differently than expected.