Thoughts on the Economic Environment

The macro environment has changed quite a bit since our last update to our community in December, 2021. The current market uncertainty is challenging and paints a picture of a market slowing though, hardly stopping, and we continue to see compelling opportunities at the early stage. On the overall environment — we would highlight 3 themes: Real Inflation — To simplify it: oil and more broadly, fossil fuel pricing is going to impact basically everything in the real goods inflation basket.