Market Review The table below shows 10 exchange traded funds (ETFs) that represent good proxies for 5 broad market stock indices and 5 broad market bond indices. They are listed in order from the highest expected risk to the lowest expected risk. Emerging markets (SPEM) posted a small gain of +1.73% for calendar year 2021. Developed markets (SPDW) fared much better last year with a solid gain of +10.69%. Domestic stocks were the stars of the show - with stunning results of +26.95%, +24.85%, and +29.85% for US small, mid, and large caps. The bond side of the table was a mixed bag as the FOMC started to wind down their asset purchase program and the predicted number of rate hikes for 2022 rose from 2 to at least 4. The high yield bond space (SPHY) performed roughly as expected with a solid +5.67% return. Corporate bonds (SPBO) were the start of the red ink - logging a -1.17% performance. Long, intermediate, and short Treasury indices posted annual returns of -4.98%, -2.51%, and -0.62% re