We all know 2023 has been a challenging year for investors. And that’s not necessarily because overall returns have been low, but rather because of the extremes we have seen.

There have been significant bouts of volatility, although volatility overall is near all-time lows.  

This is particularly true for the US, where markets have rallied but only seven stocks have done the heavy lifting. Interest rates have surged but nothing has broken... yet.

As for the ASX, if not for the 600-odd point rally off the late October low, this year would have been best described as a sideways grind. As it stands, the index is up nearly 7% year-to-date, things are looking decidedly more bullish, and we may just get a fabled Santa Claus rally to top things off.

That’s the kind of year it has been – one punctuated by major trends and then smaller countertrends that exist within them. To invest well, you had to know the macro and the micro, consider the extremes, and stay nimble. Most of all, you had to pay attention.

With all this in mind, in this episode, we’ve asked our guests to consider the extremes by looking at the dogs and darlings of the ASX in 2023. To do that, we’re joined by First Sentier’s David Wilson and Atlas Funds Management’s Hugh Dive.

Plus, we also ask our guests to name one darling (and one dog) for the year ahead.

Note: This episode was recorded on Wednesday, 13 December 2023.