The year 2022 has been a challenge for our industry, and for the asset class we are tasked with navigating on behalf of our clients. We have grappled with – and adjusted to – substantial turmoil throughout the year. Indeed, while we don’t believe we’ve completely closed the book on this chapter, we are able to see things much more clearly in retrospect, and can reflect on what lessons can be parsed from the present to express in future investment themes. Digital assets have lost two-thirds of their value since the peak of crypto’s bull run roughly 12 months ago. During that time, the industry has witnessed collapses involving over-leveraged investors, poorly run centralized lending protocols, and what appears to be fraud within the currently unfolding saga of FTX/Alameda. As an added challenge, we must also contextualize this scene against a backdrop of macroeconomic headwinds, geopolitical tension and ever-tightening financial conditions. While digital asset markets have been on a terribly bumpy ride this year, we must also recognize that this may be exactly where we should be at the end of this chapter. It may make sense given what has transpired in this industry over the last year.