Rebecca Hotsko chats with Lance Roberts. In this episode, they discuss why the valuation gap between value and growth is wider than ever, why Lance doesn’t think the FANG stocks are dead, how the rise in flows into passive indexing impacts the FANG stocks performance, Lance’s current assessment of the market and his outlook into 2023, how Lance is positioning his investments heading into 2023, his 7 rules to navigate investing in a bear market, the decomposition of returns in the S&P 500, the increasing importance of share buybacks in driving returns, the pros and cons of share buybacks vs dividends for shareholders, and much, much more!