LAST YEAR was yet another volatile year in global equity markets and another year in which the JSE underperformed most major international markets. The S&P 500 had a bumper showing after a difficult 2022 as the AI revolution gave impetus to the technology sector and saw a few new tech giants come to the fore. The Chinese market struggled as a much-anticipated reopening of that economy failed to materialise in the strong growth that was anticipated at the start of 2023.