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“When he gave me his card, he didn’t really have time to talk to me because he had to catch the bus. Susan and Tom GiulianiFor Susan and Tom, timing seemed to have finally aligned. “He arranged for the ring to be put on top of my dessert after dinner at the castle,” recalls Susan. Susan and Tom GiulianiToday, Susan and Tom are retired and living in New Jersey, focused on family and travels. They can’t imagine a world in which they didn’t cross paths in Ireland, didn’t spot one another in JFK airport, didn’t reconnect four years later.
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Stocks may retest lows this year and returns will be near-flat in 2023, according to Goldman Sachs' chief equities strategist David Kostin. The S&P 500 may hit 3,600 in the near term, as companies have revise 2023 earnings forecasts lower, he warned. Next year, the S&P 500 could see nearly flat returns, Kostin added, estimating that it could end 2023 at 3,750 to 4,000. "Therefore, if valuations are roughly at these levels – that's an optimistic scenario in my opinion – and there's not much earnings growth, you basically have a flat market," Kostin warned. And while the S&P 500 is down 17% from levels in January, the price-to-earnings ratio of the index is currently hovering around a multiple of 18.
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