By nearly any measure, the early 2020s have been a period of extraordinary challenge. The worst pandemic

in over a century triggered a short but severe recession and enduring supply disruptions. A generous fiscal

response, facilitated by unusually easy monetary policy, fueled the highest levels of inflation since the early

1980s. Russia’s brutal invasion of Ukraine created a devastating humanitarian crisis and further supply

disruptions and inflation. Central banks, led by the Federal Reserve, then aggressively tightened policy in

response to inflation. And in 2022, financial markets around the world and across all major asset classes

incurred sharp losses. Amid these cascading crises, many of the past year’s losses have created significant

opportunities.