Markets in 2023

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World inflation set to fall, but will it be even.

World GDP will not be even and will favour cheap labor

Figure 4 - Getting real
Real yields* in 10-year developed and developing market bonds

Bonds levels will move into the positive

Sharp pull-back and slow march up as EPS better due to cost cutting

Hold cash to get deals when people bail due to early EPS which will get better in H2 due to cost cutting



Massive cost due to migration away from fossil fuels

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