Gabelli's column

The Most Challenging Annual Forecasting in Years


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  1. To Michael Gabelli, the direction of markets in 2023 and beyond depends largely upon the answers to three questions regarding the Ukraine and Taiwan conflicts, the ability of the Fed to avoid a hard landing and the ability to asess what multiple should investors pay for stocks?
  2. M&A normalized to pre-pandemic levels, totaling $3.6 trillion in 2022, down 32% from the record-breaking $5.1 trillion activity in 2021, excluding SPACs. 
  3. "The convertible market is now quite fixed income oriented with high yields, high premiums, and low deltas."