Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life.

Well, hello and welcome to a very special Dividendin Cafe, special because we are kicking off 2023 with a look back at 2022, doing a sort of recap of the year

that just was, and then looking to provide you a few themes and perspectives for the year ahead.

We've done this every year now for as long as I can remember with a written white paper.

This year's is about 27 pages long.

It's posted at Dividencafe.com.

We have a PDF version there.

You can print.

It's all laid out in graphic.

There's an awful lot of charts for you.

So go grab that piece.

But today on the video or audio, whatever you're listening to

watching, I just want to walk through a lot of that content, walk through what our kind of big

takeaways were from last year and what we're thinking about the year ahead. We're even going to do

a little report card of

last year's themes and assign some grades to the specific things I was looking at talking about a year

ago, which is always a good opportunity for either a little bit of bragging or a little bit of

embarrassment. And this year, it's going to have some of both.

But then I'm going to go out on a limb again and make some forecast. I think this year I have 10

different ones, themes, if you will, for the year ahead, 2003. I want to start off by reading the line

I used to start off the white paper from Hyman Minsky.

Many of you are familiar with Minsky, some of the most crucial work around behavioral

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