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Morning Notes — Discounting Q1’23

Discounting Q1’23

July 13, 2022

We expect sell-side analysts to complete 2023 earnings revisions by August/September, and by Q4 equities will be fully discounting economic risks well into ’23.  By next year, we expect markets will be looking forward to an economic recovery in ’24.  Markets are always discounting events 6-9 in the future, which means we should begin investing with a Q1’23 mindset when confidence in the forward outlook improves and multiples expand.  

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