The Q4 2023 Market Review highlights a strong performance across most markets, with U.S. stocks leading the way. U.S. equities posted a return of 12.07%, outperforming international developed and emerging markets. Growth stocks significantly outperformed value stocks, especially in large-cap sectors. Real estate investment trusts (REITs) also had a strong quarter, with U.S. REITs returning 16.35%. Fixed income markets saw yields decrease across global developed markets, and bond returns were generally positive. Commodities, however, had a challenging quarter, with the Bloomberg Commodity Index falling 4.63%, driven by sharp declines in natural gas and sugar. The report also discusses country debt levels and their minimal historical correlation with stock market performance, showing that countries with high debt-to-GDP ratios have still seen positive stock returns.