Greetings from Missouri, Nebraska, and the Dominican Republic, where the staff enjoyed a corporate retreat over the Easter holiday. There’s a lot to cover this week, so we will be very brief in the market analysis commentary. AT&T and Verizon kicked off earnings on Thursday and Friday, and the economic tension was present in each of their presentations. Their differing responses led to differing results on Friday.
It’s been a remarkable two weeks for the markets. The Fab Five declined an additional $1.25 trillion dollars over this period, a fortnight level not seen since March 2020. And the Fab Five have now given up 69% of 2021’s gains. As we discussed in last week’s web-only post and in previous Briefs, losses are disproportional: Meta/ Facebook represented 9.3% of the total market capitalization at the beginning of 2022 but makes up 24.7% of the total YTD loss (and now only represents 6.1% of the Fab Five market cap).
