We share our Outlook 2023: Finding Balance, again providing our views for three possible scenarios for the coming year. Our base case is modestly positive, informed by our view that we’ll be seeing ways of “finding balance” during the year, including cooler inflation, a less hawkish Fed, a transition to a new cycle of slower growth, and a stock market in recovery. We also comment on more positive and negative scenarios, and we include our guidance on portfolio positioning and dynamic leanings.