A review of last quarter, the major themes and takeaways from 2022, and what's on the horizon for the new year.

Highlights:

• How we did—and what factors impacted relative performance
• Why 2022 was difficult for Balanced investors
• Discount rates have gone up…where are valuations at?
• Inflation expectations, interest rates, labour markets, earnings, and economic growth—what's being monitored in 2023
• Asset mix update