We are excited that 2022 is behind us. On a relative basis, Annandale performed quite well. Our stock and bond investments outperformed the broader markets, and our private investments, in particular oil and gas minerals, had a banner year. Still, it was a tough year. US stocks, measured by the S&P 500, fell 18%, while indices weighted more heavily to technology lost over a third of their value. The real killer was bonds, which typically buoy an investor’s portfolio when stocks fall. The index of US investment-grade debt set historical records with a 13% decline. Hardly anything made money in 2022. The market’s performance, while unpleasant, wasn’t the most bothering matter. Rather it was the lack of opportunity. After COVID, finding investments that offered attractive, risk-adjusted returns became exceedingly difficult. 2021 was a sellers’ market so to speak. With the benefit of hindsight, we know why. We were in a financial bubble and 2022 was the year it popped. Thankfully, our unwillingness to compromise on valuation and/or venture outside of our circle of competence shielded us from the worst of the selloff.