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Off The Wall

Apr 12, 2023

In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs are joined by Erin Hay and Nate Tonsager from Monument Wealth Management’s portfolio management team to break down what happened in the markets in Q1 2023, along with some takeaways and advice as we head into Q2. 

Tune in to hear the team reflect on the US large cap tech dominance, the importance of having a cash strategy, the difference between risk and volatility, and the biggest surprises of the first quarter. They address the significance of the great bank "crisis of 2023 and share their top advice for investing, saving, and selling your assets in Q2. Plus, Erin and Nate share their opposing predictions (and bet a Jimmy John’s sandwich!) on whether the Fed will increase interest rates in 2023. 

 “My surprise of Q1 2023 is this: If you would have told me that we would in 2023 have experienced the second and third largest bank failures in U.S. history and then told me that we would end the quarter positive with only a 7% drawdown in between, I would have said, you're crazy.” - Erin Hay, CFA

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Episode Timeline/Key Highlights: 

[00:33] Introducing the topic of today’s episode 

[01:29] Q1 Market Summary – What happened in Q1? 

[04:10] Highest and lowest performing market sectors of Q1 of 2023 

[06:40] What equity markets performed well in Q1? & How tech layoffs impact the tech sector 

[09:39] There’s an issue with leadership and breadth in the market… 

[11:56] What surprised us about international (non-US) stocks 

[13:57] Don’t make these assumptions when investing in Q2 

[14:54] Let’s talk about investing & saving your cash in Q2 

[16:04] Other market surprises from Q1 (hint: we’re talking about banks!) 

[23:56] Major takeaways from Q1 of 2023 

[28:17] Market predictions for Q2 and the rest of 2023 


Resources Mentioned: 

Blog - Investing Risk and Volatility Aren't the Same:  

Blog – Why Risk Makes You Wealthy: 

Susquehanna research about US large-cap tech leadership: 

Blog – What Happened to Silicon Valley Bank (In Plain English): 

JP Morgan’s Guide to the Markets:  


Connect with Monument Wealth Management: 

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About “Off the Wall”: 

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about. Learn more about our hosts, Dave and Jessica on our website at