Stocks and Bonds - What Do You Expect to See in 2023?

The only major difference I see to the 2000s period is there was virtually no slowdown in the housing market in the 2000s recession where this time, the slowdown is extraordinarily severe. The destruction of technology stocks was mainly, in my view, a re-pricing of interest rates given that those are super long-duration assets with no earnings. As we move into 23, and we start to see that E come down pretty aggressively, we should see the cyclicals underperform including things like the banks, which had outperformed this year.

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