When it comes to financial punditry, accountability is low, bordering on nonexistent. Television’s talking heads can make all the wild predictions they want because, well, no one ever goes back to check up on their calls.

And it’s worse than you think—pundits have a perverse incentive to make wild predictions because if they are right, they get their moment in the spotlight and can always point back to the time they “got it right,” while never having to answer for all those times they got it wrong and led investors astray.

Dan and I have long played a different game than others in the media and most other financial newsletters. Yet another example of how we stand apart is that for years we’ve looked back and graded ourselves on what we said the prior year—patting ourselves the back for what we got right and giving ourselves a swift kick in the pants for what we got wrong.

Over the past week or so, I’ve shared with you my outlook for 2023 as well as a market and month-by-month review of 2022. To round out this chapter, here’s a look back at how our 2022 outlook fared.

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