Tactical/Loss Averse Investing is in Favor: The Federal Reserve is following the same path as they did in 2006 and 2007, but faster. To follow was over a -50% decline. It took the S&P 500 6 years to get back to flat from the high in 2007. PVG’s strategies, by protecting capital in 2022, now have positive or flattish returns when combining 2022 and 2023. If, as we expect, another significant decline in the market is coming, we believe it sets up for big returns when it recovers.

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