Today in the podcast, our thoughts on the 2023 outlook for the US equity market. Three big things you need to know: First, our year-end 2023 S&P 500 target of 4,100 is unchanged, though we have lowered our 2023 S&P 500 EPS forecast by roughly 4% to $199. Second, we continue to anticipate choppy conditions in US equities over the next few quarters. Third, in terms of higher-level positioning, we prefer US equities over non-US equities, Value over Growth, and Small Cap over Large Cap.