The Great Reckoning is upon us. After more than a decade of easy money and excessively low interest rates, which boosted asset prices beyond reason and drove debt to excess levels, the time for reality is here. Stocks and other assets, across the board, continued their declines in the 3rd quarter, many aggravated by the strength in the dollar. It has also been a period of increased volatility in both economies and markets; what is written in the morning is out of date by the afternoon, making writing a quarterly report more difficult, but all the more necessary. Finish reading here: Portfolio Review 2022 3Q.