Equity Valuations Have Reset a Lot Over the Last 12 Months

With the equity sell off this year, we have seen valuations come down a bit from their highs. Do you see that creating enough of a cushion in equity assets that we could see some upside in 2023? You mentioned that we have seen a bit of a rally recently. Do we think that we are off the bottom and the worst is behind us at this point? Certainly, equity valuations have derated materially alongside rising yields,. so we are below the average valuations of the 90s.