Market & Portfolio Update - November 2022
Global share markets had another strong month in November, rising 5.6% in local currency terms. Investors were encouraged by lower than expected year-on-year inflation in the US of 7.7%, down from 8.2% in the prior month.
The news of a possible peak of inflation also supported fixed interest or bond markets. Global bond markets rose almost 2.5%, and the New Zealand bond market rose almost 1% in November – quite decent returns when it comes to bond investments. These returns provided some reprieve for bond investors after higher interest rates have weighed on bond returns throughout much of 2022.
The New Zealand share market delivered a “modest” 2% for the month on the back of better than expected half-year results for New Zealand’s largest listed company – Fisher & Paykel Healthcare. The respiratory equipment manufacturer reported a 57% drop in profit as it came out of a period of significant Covid-induced demand. However, the drop in profit was less than investors were expecting, and the company ended the month up 20%.
The Summer Reset
Summer has a way of easing the pressure. The days feel longer, the calendar softens, and life slows just enough to remind us that not everything needs to be urgent, solved, or optimised right now. It’s a subtle shift, but a powerful one. And it’s what we like to think of as the summer reset.
Lifetime Book Club: Ikigai by Héctor García & Francesc Miralles
“The happiest people are not the ones who achieve the most. They are the ones who spend their lives doing what they love, with purpose.”
That is the central idea of Ikigai.
This is not a hustle manual or a step-by-step guide to success. It is a gentle, thoughtful exploration of what gives life meaning, and how small, intentional choices can lead to a longer, happier, more fulfilled life.