2022 was a miserable year for global savers. Central banks hurriedly raised policy rates to combat inflation which caused prices to correct across equity and bond markets. Then inflation corroded whatever nominal returns were left. As we enter 2023, equity valuations and bond yields are far more convincing than a year ago. At some point - it is difficult to say exactly when - global markets will anticipate the easing of policy rates and assets will start to perform again. The reset in valuations and yields has created opportunities though not always in the same stocks, or sectors, as were favoured before.