At the end of 2021, we set out our projections for the stock market in 2022: 5,250 for the S&P 500 and 40,000 for the Dow
Jones Industrial Average. Those projections were based on our expectations for both profit growth in 2022 and the yield on the
10-year Treasury note. At that time, given interest rates, the US stock market was still under our estimate of fair value.