#29 CFO Macro: 2022 vs. 2023

#29 CFO Macro: 2022 vs. 2023

CFO Macro (Macroeconomic Stuff & How it Impacts VCs, VC CFOs)

What is CFO Macro? It’s taking all the “2022 Lessons Learned” and “2023 Prediction” news headlines / emails you’ve read over the past few weeks and pulling out what matters for VC funds and VC CFOs!

At year-end, lots of people write about what’s going in the economy (“macro”) and make bold predictions about what the new year will bring. Only a few of these folks are humble enough to reference theirs from the prior year and be honest about where they were right and what they got wrong.

What follows are some of our favorite highlights, aka CFO Macro.

Looking Back: What Happened in 2022?

It was a rough year as most assets were down big! In macro, the Central Bank hiked rates big-time in 2022, bringing them all the way up to 4.5% (consensus says they’ll stop at 5.0%, we hope!). The S&P 500 and the Nasdaq were both down big. The only positive S&P 500 sector was Energy, up 59%.

For VCs and VC CFO’s, this macro impact will show up in their portfolios via valuations, if it hasn’t already. We wrote more about this recently in #28 VC Valuation Resources & Policies @ Q4.

Looking back, here are our top 3 macro takes on what happened in 2022:

  1. A Look Back at 2022 (Genevieve Roch-Decter, Grit Capital)
  2. What Happened In 2022 (Fred Wilson, USV)
  3. A Funny Thing Happened on the Way to Sand Hill Road (Tom Tunguz)