Valuations still under pressure amid high inflation and low growth in the economy; more room for appreciation for insurance companies than for banks; and, more generally, investor focus on companies with abundant cash flow and low debt. This is the forecast for 2023 by Linda Garbarino, vice president of Tendercapital. Financial markets, including Piazza Affari, will end the year in the negative. What are your forecasts for next year? « Investor confidence is at a low and this is affecting market multiples. The ratio of stock market prices to expected earnings of companies in the Eurozone has fallen below the average of the last 17 years, a level not seen since the low point of the Covid crisis. In addition, recessionary fears have prompted profit forecasts for the coming year to be questioned. With inflation estimated at 6 per cent for 2023, investors will necessarily see their real return fall sharply, regardless of the nominal market return’.