Bloomberg have not convinced me they thought much about the "E"...

Bloomberg have not convinced me they thought much about the "E" in their forward PE estimates for any country in the table.

I would be thinking earnings will be hit fairly hard on the back of flattish sales revenues and considerably higher materials, labour and finance costs over the next 3-6 months.

Energy (all kinds), precious metals and commodity based stocks should be resilient as those sectors are throwing off insane amounts of cash with low debt balance sheets. Markets have priced in energy gains but lots of value left in other real assets even in the face of widespread market downturn. Lower global growth will be a short term headwind to base metals, but electrification will need a hell of a lot of copper.

Cash and equivalents with be very valuable in 2023, to pick through the carnage and pick up some out of favour quality industrial businesses. We cannot know which, until they present themselves. I did not expect to own a large bagful of MFG in 2022, until this presented itself as a hairy, starchy and aloof business, losing low margin FUM and hated by the those who paid too much for it. Then again, a highly profitable debt free company won't come cheap any other way.

All in IMO only, not advice.

GLTASH