For most investors, 2022 was a year they would like to forget. Stocks were down. Growth stocks were way down. Bonds had their worst year ever recorded. Bitcoin fell 65%. About the only things going up were commodities and inflation. Unlike most investors, however, we like to remember, even savor, the most dismal years. We revel in the details, preferring to study every element so that we are prepared for the next bear market, whenever it comes. We’ve focused this letter on lessons from the bear market, topping it off with our thoughts on the best investment opportunities in 2023, which presents a vastly different landscape than we faced at this time last year.
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