Last podcast of 2022, it's been a great year. We want to obviously thank our audience. I obviously

have to thank both Danny Moses and Dan Nathan. I think the three of us have done a decent job

of navigating what's been a pretty interesting year. I'll say that at the end of last year,

from the fall of 21 into early 2022, we saw the

S&P basically rally from about 4,450 to 4,800 and change. I think we understood to a certain

extent what was going on, but it clearly had us confused, but we remained steadfast into belief that 2022 is going to be a challenging year. And now some 1,000 S&P points or so later,

here we are. And a lot happened in 2022. And the thing that I take away from it the most, Danny

Moses, is, you know what? And the long term valuations actually do matter. And I think what a lot of us learned

the hard way in a zero interest rate environment where money is rolling around and effectively

free, people make a lot of mistakes and they confuse bull markets with being a genius. I think

2022 we learned that valuations actually matter.

And forget about the S&P being down a thousand points from its high.

We've seen stocks come off anywhere from 50 to 80 percent.

And these are not small stocks.

I mean, these are major companies that have lost in some cases, as I mentioned,

almost 80 percent of their value.

Yeah. So, Guy, looking back at 2022, there was a lot that obviously happened and a lot of

it may continue in 23, but just some of these things, right? We entered 2022 with the Fed talking

about the tapering, which they obviously ended in the first quarter, followed by the Fed actually raising rates, followed by quantitative tightening.

We had a briefly inverted yield curve in April that became basically permanent in July when

people realized that that was going to keep raising rates.

So that happened.

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