The great reset final act

The good news is we are probably in the final act of the great reset (or third act for any Shakespeare lovers). We believe it will include a recession, higher credit spreads, more bankruptcies, margin pressure and likely lower valuation multiples in the equity market. We are closer to the end and start of a new market cycle, but this act will likely be the most exciting (although ‘exciting’ when it comes to investing is usually not enjoyable).

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