Welcome to the latest edition of The Keystone! While poor stock market performance was primarily isolated to the first half of 2022, certain market conditions lingered (rising interest rates, inflation, and above average turnover). Nonetheless, financial performance remains positive for the majority of AE firms. The M&A market is essentially on track while the AE public market performance is relatively stable. We are excited to feature an update on CapEx growth in this edition of The Keystone.