Stocks Have Had Their Worst January Since 2008. That’s Creating Buying Opportunities.

The 2022 market was always going to be a tug of war between earnings and interest rates. Corporate profit growth fueled by the reopening has come up against contracting valuations and expectations of tighter monetary policy. While the battle has led to a chaotic period for stocks, the past few weeks have played out logically and according to script. Financial markets are entering their next chapter, and investors are finally rushing to adapt.

“If the Fed really wants to fight inflation, that means higher long-term interest...