george as good feeling as the market seems to be today we know twenty twenty two has been for it all there is a laundry list of headwinds that have come in and hit this equity market in the face how many of those go away in 2023 you know its a great question and first of all thanks for having me i think a lot of the headwinds we had over the past year will go away i mean were dealing with the situation in ukraine having stabilized the worries about energy costs running amuck and really negatively impacting economies globally has subsided i think a lot of the pressure from central banks with respect to raising rates and killing inflation well i dont know that theyre done were towards the end of that rate hiking cycle so i think a lot of the pain has happened in the equity markets and in addition fixed income markets anticipated that we saw a challenging challenging performance across asset classes globally so i think a lot of those headwinds go away i think were still dealing with the ramifications of an ever weakening economy on a global perspective and so well be dealing with that markets but a lot of the things that have confronted markets certainly have turned from headwinds into at least no longer being obstacles for returns going forward whats the entry point then george i mean this is the santa claus rally we have all been looking for i guess but to kellys point things have been really really bad and so if you look into next year do things get worse before they get better you know its really tough to determine when an entry point is i think if you look over time no ones been able to forecast with perfect anticipation when to get into markets i will say that markets right now look kind of fairly balanced right the s  p 500 is trading at 17 18 times equity markets around the world have rallied a bit as well weve had a pretty strong q4 in terms of returns i think weve still got a challenging earnings estimates globally to come and i think both a top 10 and bottom up earnings estimates will be coming down were seeing that in our own analysis in the house as weve been with managements that earnings numbers will be decelerating and coming down relative to where people anticipated them so weve got that earnings headwind i do think though that thats not necessarily a negative in most markets most markets generally have been been able to withstand if not growth despite challenging earnings so long as we have a garden type of a recessionary type environment i think thats what were going to have and i think well be able to react to as we get to that bottoming process be able to generate really strong returns going forward