On today's episode of On the Margin, we are joined by Brent Johnson CEO of Santiago Capital for a discussion on the macro forces that drove markets in 2022 and what to expect heading into 2023. The story of 2022 was the U.S Dollar says Brent, long known for his "Dollar milkshake theory". With the Dollar surging all throughout 2022, Brent walks through the effect it had on other markets from bonds, equities and Gold. Warning of the bear market rallies of 2022, Brent remains cautious on risk assets heading into 2023 as the Fed continues tightening financial conditions. Finally, Brent shares his outlook for 2023 where he expects more volatility, uncertainty and geopolitical risk. Sharing his view through the lens of The Fourth Turning, Brent highlights the most important factors to pay attention to in 2023 and beyond, but to hear that, you'll have to tune in! -- Follow Brent: https://twitter.com/SantiagoAuFund Follow Mike: https://twitter.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (00:00) Introduction (01:16) The Macro Story of 2022 (03:55) The Fed Will Continue Raising Rates Into 2023 (06:33) Did The Fed Loose Credibility In 2022? (11:08) Everybody's Looking At The Fed, What About Other Central Banks? (16:01) What Is Happening With The BoJ? (26:15) We Are In The Heart of Triffin's Dilemma (32:29) The Fourth Turning (40:50) Brent's Big Calls For 2023 -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.