The Future of Industrials

Hejai: There's always going to be good things and bad things confirming evidence, disconfirm the evidence. And so, if we just pivot a little bit to kind of the outlook for 2023, you have a great slide here about how industrials follow the Fed higher and lower. Hejai: When the Fed is tightening, cyclicals outperform. So, believe it or not, cyclicals don't love Fed induced recessions shocking.