Ann: Video update from Chief Investment Officer and Chairman, page-184

very interesting comparison. It just shows how difficult it was for the MFG outperform the indexes when there was trillions of free money was floating around over last 2 years. Tech companies without any positive cashflow for years to come, material sector boosted by zero interest rates around the world were going to outperform MFG portfolio. Health sector which got a real boost with the virus all contributed for the underperformance. Of course you can ask the question why MFG didn’t go into health sector around June 2020 last year with higher %. Even now should they invest more in health sector as next 10 to 20 years focus will be high.
Million dollar question is what now.? Will the Fed increase cash rate two or three times? Which sectors will be affected as rates goes up with higher inflation.? Will the omicron subdue the inflation.