As the New Year gets underway, investors are hoping for better results after taking a hit in 2022.
The Dow, NASDAQ, and S&P 500 all fell dramatically over the last year, marking the worst year for investors since 2008.
We spoke with local financial advisor Howie Pentony who says it’s not a surprise that markets struggled in this environment.
“Think about what’s happening in the world. It’s awful out there. There’s a war in Europe that is just terrible. And then inflation is just roaring,” Pentony said.
On the year, inflation was just above 7 percent according to the latest data from the federal governement.
Pentony also said that the drop comes after the market has been steadily increasing for more than a decade.
“Markets go down once in a while. We’ve been riding this wave for about 11 years,” Pentony said. “I mean, it’s been nothing but good news for 11 years.”
Pentony is the founder and president of Pentony Capital Management in Portersville.
