Corporate Share Repurchases – record levels over the last 15 years – yet unlikely to continue. This will create headwinds.

Inflation is the villain we our Fed is fighting. On November 9th the CPI reading showed a lower CPI. We show and discuss the reason the market was totally wrong.

Inflation expectations – the market has priced in inflation returning to under 3% by the end of 2023. Could this happen? Yes – anything is possible. However we show data going back through 1970 that shows this has NEVER happened.

There was a question about recessions coupled with Bear markets, vs Bear markets without recessions:

• Recessions often, yet not always lead to bear markets
• Bear markets are often, yet not always part of recessions
• Recessions WITH Bear markets are worse than recession without Bear markets
• Bear markets do lead to Bull markets, and bulls following bears are usually 3-4X as long and Much larger than the downturn preceding it…