Winners & losers of the 2021 market rollercoaster

It was a banner year for risk assets. Despite the relentless pandemic overhang and several risk-off stumbles, most equity markets tallied double-digit gains in 2021, and cyclically sensitive stocks strongly outpaced more economically defensive ones. Oil and other commodity prices surged. High-yield credit posted decent mid-single-digit gains in the US and Eurozone.

So-called “safe” assets had a rougher time. Government and investment-grade corporate bonds and gold generally ended the year flat or lower.

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