2023’s MOST IMPORTANT FINANCE EVENTS
The Year’s Recap
1) Silicon Valley Bank and Signature Bank collapsed in March 2023, marking the largest banking failures in the US since the 2008 crisis, causing regional Bank stocks.
2) AI became a dominant force in 2023 with OpenAI’s ChatGPT taking the world by storm, and pushing AI-related stocks to new highs.
3) Cryptocurrency exchange FTX collapsed, causing Crypto markets to crash, destroying many altcoins, memecoins, and NFTs.
4) US Senators proposed banning stock trades for US Congress and the President.
5) The Federal Reserve finally got inflation under control, from a 40-year high, with rates falling from a peak of 7.5% to around 3.1% by year’s end.
6) The S&P 500 ended the year up +24%, and the NASDAQ up +43%. The Stock Market rally was driven by the “Magnificent 7”, which includes Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla.
7) Charlie Munger, investing genius and Warren Buffett’s right-hand man, passed away at age 99.
8) After a craze of hype in 2021, SPACs (Special Purpose Acquisition Companies) basically died out in 2023.
9) Performance in 2023:
+239% Nvidia $NVDA
+194% Meta $META
+155% Bitcoin $BTC
+102% Tesla $TSLA
+81% Amazon $AMZN
+58% Google $GOOGL
+58% Microsoft $MSFT
+49% Apple $AAPL
+43% Nasdaq $QQQ
+24% S&P 500 $SPY
+14% Gold $GLD
WHAT A YEAR! What else would you add?
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