January 20th, 2023

Wealth Management News & Insights

2022 Market Recap, And Outlook For 2023

From Zuckerman Investment Group’s Investment Team

We wanted to provide our readers with a 2022 Market Recap and 2023 Outlook. Please take a moment to look through our Market Overview below. Please do not hesitate to reach out if you would like to set up a meeting to review 2022, share any updates, and/or discuss the year ahead.


Financial Markets

  • Peter Thiel’s Fund Wound Down 8-Year Bitcoin Bet Before Market Crash: Founders Fund, the venture capital firm co-founded by billionaire Peter Thiel, closed almost all of its eight-year bet on cryptocurrencies shortly before the market began to crash last year, generating about $US2.6 billion ($3.8 billion) in returns. [FT]
  • Consumer Prices Plateau as Inflation Slows to Prepandemic Levels: Forty-year inflation high in June turned into relatively normal price growth in second half of 2022. [WSJ]

Financial Planning

  • Putting A House Into A Trust – Is It A Good Idea: One of the biggest advantages of putting a house into a trust is that, unlike a will, a living trust allows you to avoid probate court. There are three main reasons why this is important. [Rochester Law Center]
  • Thinking of Relocating? Use this Cost of Living Calculator: Compare the cost of living in 2 cities. [Nerd Wallet]

Tax Planning

  • Tax Filing Season Starts Next Week, Here’s What You Need to Know: Changes to rules around gig economy income, charitable deductions and EV credits are some of the issues confusing taxpayers. [WSJ]
  • Not Always Tax-Free: 7 Municipal Bond Tax Traps: If you’re interested in tax-free municipal bonds, you might want to keep an eye out for these seven tax traps. [Charles Schwab]
  • New York’s State Tax Code Is a WFH Nightmare: Alexis Leondis: Living in one state and working remotely for a company based in a different one shouldn’t be such a pain when it comes to taxes — but oh, how it is. Especially if your employer is in New York. [Bloomberg]

Business Strategy

  • Tech Layoffs Shock Young Workers. The Older People? Not So Much: The industry’s recent job cuts have been an awakening for a generation of workers who have never experienced a cyclical crash. [NYT]
  • Microsoft CEO Satya Nadella Addresses Job Cuts: Here’s the memo that Microsoft Corp. CEO Satya Nadella posted to explain why the software giant is cutting 10,000 jobs. [SEC]
  • Amazon Discontinues Charity Donation Program Amid Cost Cuts: Through AmazonSmile, the company donated a percentage of purchases to charities of users’ choice. [NBC]
  • Netflix Co-Founder Reed Hastings Transitions to Chairman Role, With Greg Peters Elevated as Co-CEO: Netflix Inc. decrease; red down pointing triangle said co-founder Reed Hastings would transition from co-chief executive to executive chairman and named a new co-CEO alongside Ted Sarandos, as the company presses on with dual efforts to stoke new revenue growth. [WSJ]
  • Chips Are the New Oil and America Is Spending Billions to Safeguard Its Supply: Recent shortages and fears of China’s ambitions to dominate the industry have led to a frenetic effort to rev up U.S. production. [WSJ]

Life & Work

  • How Elon Musk’s Satellites Have Saved Ukraine and Changed Warfare: Starlink has become an integral part of the country’s military and civil response to Russia’s invasion. [Economist]
  • Chicago Commuters Lost More Hours to Congestion in 2022 Than Drivers in Any Other Major U.S. City, Report Shows: Chicago-area expressway traffic continued to bounce back with a vengeance from early pandemic lows in 2022, as the region’s commuters lost more hours to congestion than drivers in any other major U.S. city studied in a new report. [Chicago Tribune]
  • The Best Diets for Healthy Aging: New study suggests four dietary patterns support healthy aging. [Harvard]
  • Texas Universities Block Access to TikTok on Campus Wi-Fi Networks: Students and faculty will not be able to access the popular social media app while connected to university internet servers. It’s the latest step to limit access to the service after Gov. Greg Abbott directed state agencies to ban the app on government-issued devices citing cybersecurity risks. [Texas Tribune]
  • 2023 NFL Playoffs Schedule: Bracket, Game Dates, Times and TV Networks for Divisional Round and More: The 2023 NFL playoffs are underway and each day brings us closer to the ultimate showdown: Super Bowl LVII. [NBC]
  • Want a Giant Neon Twitter Bird? You’ll Have to Bid More Than $17,000: The company’s artwork, high-end furniture and espresso machines are for sale in an online auction that evoked a more flush era when its tastes reflected its status as a hot tech-world employer. [NYT]
  • New Zealand Prime Minister Jacinda Ardern Announces Resignation: New Zealand Prime Minister Jacinda Ardern said she would step down by Feb. 7 after over five years as leader, as the country grapples with the prospect of a recession stemming partly from its strict response to the Covid-19 pandemic. [WSJ]

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