The beauty of good vacations, aside from their restorative powers, is the opportunity to reflect on the big picture. On the work front, that meant we moved beyond 2022 rates and recessions to a thoughtful consideration of what comes next.

Part of that appraisal is how dealmakers will find ways, as they always do, to be commercial. Indeed, the urgency of putting LP money to work will be a factor for private equity sponsors. The question is, as we’ll hear in next Wednesday’s exclusive “Lead Left Presents” M&A webinar, how the developing economic themes in 2023 impact auctions, valuations and deal activity?

2022 was a story of two halves. The first half began with a Dow over 36,000 and a Fed funds rate of zero. It ended with the Dow down over 7,000 points and Fed funds still less than 2%. But then the Fed kicked in with its 75 bps per hike program. The rest is history.