Can't argue with your predictions and in no way could I come close to your 60 percent if I put a dozen of my own out there.

I agree with your sentiments on Amazon but feel that retail in general and as an extension commercial real estate is in big trouble in 2023 as well.

On Monday my wife talked me into going out for some Christmas gift replacements (same gifts for Grand Children were given by the other side of the family at earlier family Christmas get togethers). Dreaded going out as day after Christmas shopping used to be a nightmare of crowds and chaos. Not this last Monday, almost all stores were deserted, and parking lots were empty. The Stores themselves had half backed mark downs as well with inventory all over. Feels like the pull back of the American Consumer along with higher corporate interest for financing (you have already mentioned this) is going to impact this sector bigly.

Appreciate these columns the most as they help me with my own personal planning for the upcoming year.