Great to have Chris DeMuth back on the podcast, Longtime Seeking Alpha writer.

He runs the Investing the World.

He runs the Hedge Fund Rangely Capital.

Any articles discussed today,

you can find links to them on our show notes.

And all episodes have transcripts available

on Seeking Alpha.

Chris DeMuth, welcome back to the show. It's always nice to talk to you. How are you thinking about the market? What are you thinking about as you're looking broadly speaking and you can narrow it down as you keep going?

Sure. Last year, 2022, so thinking about the calendar year, made a lot of sense to me,

to me, it was very cathartic, especially on the short side, especially looking at the kind of things that were preemptively getting crushed with the onset of reality, of real interest rates of a cost of capital.

You had this kind of weird suspended animation era where as long as there's no cost of capital kind of the more dramatic

the total addressable market the more of a story you have to say about what can

happen over the next 10 years has very little cost,

so you're just stuck with what is the most dramatic benefit that you can describe,

which is a kind of a childish and strange enterprise.

And then as interest rates rose, you have a real cost of capital,

and you can't just do that anymore.

And a lot of things that I thought looked probably worth less and certainly worth much less than

the weather trading did badly.

They kind of bounced back a lot this year.

It's been a hard one on the short side it's been a hard one for

skeptics and debunkers and value investors on the short side this month actually has

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