The paper summarises the top things equity investors should account for in 2023, including:

1. The risk of policy errors is extremely high
2. Recession is coming
3. Some inflation will persist
4. Bond vigilantes are back
5. It’s a bad time to be a zombie company
6. Risk of a crisis is rising
7. Geopolitical surprises
8. Best stocks for protection
9. Best stocks for recovery
10. Final remarks