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If 2022 was about the repricing of capital, 2023 is likely to be about the reduction in the quantity of it
The US faces a perfect storm of rising financing costs, squeezed demand and increased supply
Investors have probably seen only the first phase of this bear market in stocks
Structural shifts will require more investment in technologies and supply chains
Expansive fiscal and monetary policies may see 1980s-style Japanese melt-up and meltdown
Current investor complacency about global equities might soon be tested
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