The Year 2023

The year 2023 bears slight resemblance to 1974 in the set of opportunities that the investor confronts. Have you changed as if one could change one's temperament? But in what ways have you adapted as investors must adapt to a new world? Let's start with that one. The world is inverted in some ways. New valuation seen not to matter. People disparage book value as an obsolete measure of value, intangible assets of the thing, et cetera, etc.