help me please in terms of what i should be looking at for twenty twenty three its mad love the beard first its 80 percent of it is going to be the micro its the bottom up what are companies specifically telling you that matters more than all the wall street strategists lined up end to end probably still cant reach the right conclusion but the bottom up is companies are still generating 11 to 13 percent free cash flow margin and are selling at attractive valuations on a free cash flow basis as well as price to earnings thats whats going to guide me in 2023 and the negative sentiment is actually good for next years returns as well so i more often than not want to be fully invested in stocks is that is that equation going to continue to to make mathematical sense if the fed raises to five five and a half percent if unemployment goes to 5 percent are we still going to see those earnings pan out in 2023 well they could certainly go lower when we start to get the anecdotal news for for q4 earnings they could go lower but at a free cash flow yield free cash flow divided by market capitalization im finding companies said a six to seven percent free cash flow yield that compares very favorably to the three point seven percent yield on a 10 year treasury i think the market has some room to digest a little bit more negative activity that the fed still has more work to do to get inflation at least into the 3 percent handle but here we are fourth quarter were up about 10 percent for for most investors i think that sets the table for two thousand twenty three being a little bit better than average that might not be consensus but i think at whole