We have two new Key Themes for 2022; #1 Year of Rebalance, #2 Feels like 2018, May be 2000. Our “2001 Analog” remains intact. Pre-Covid, economic & market trends expected by this analog were emerging (elevated inflation, weaker USD, rising commodities, etc.). Post-Covid, they accelerated, fueled by extraordinary economic disruption & policy accommodation. We remain bullish but expect some of these recent moves to moderate in 2022 as economies reopen & fiscal/monetary policy turns from tailwind to headwind.