The macro and political backdrops are much different today than they were twelve months ago. I wrapped up the 2022 report when interest rates were near zero, and crypto markets and the S&P sat at all-time highs. We didn’t have a single proxy war with a nuclear-armed adversary! And we had Dem- ocratic leadership in both chambers of Congress. Portfolios are down 80% since then. Crypto startups are (
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