For markets, economies, and geopolitics, 2022 has felt like all bad news. At its worst point in mid-May, the S&P 500 index (large US companies) had lost more than 20% this year before to a still-uncomfortable decline of -13% through the end of May (a loss of 20% is often the unofficial threshold that market participants often use to flag a “bear market”). Even bonds have not provided investors safe harbor this year; the Barclays Aggregate Bond Index has lost 9%1. The challenges feel daunting with little sign of abating.