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  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
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      "text": "Those able to proactively de-risk their financial needs will be well-positioned for navigating 2024 and beyond.",
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      "text": "2023 seemed determined to prove the adage of “this time is different,” bucking pessimistic expectations of economic and capital markets performance\nSeveral themes will carry into 2024 as we navigate the year ahead:\nInterest rates and cost of capital will continue to drive valuations, strategy, and execution\nEven with rates off recent highs, capital allocation decision-making has become more challenging as companies re-think their capital structures and growth plans\nRates are driving firms to alternate means of financing (e.g., converts, private credit)\nScale, now more than ever\nA few ultra-mega-cap firms skew market valuations but also capital investment, demonstrating how scale allows firms to invest for growth even through periods of uncertainty\nCapital intensive sectors, like those investing in energy transition, have been particularly impacted by the sharp move higher in rates despite extensive policy support\nMarkets have responded by applying a significant premium to larger companies\nMarket primed for action\nEquity valuations and debt pricing ended 2023 at the most attractive levels in almost two years\nRisks of higher-for-longer rates, economic slowdown/recession, and geopolitical uncertainties persist even as hopes of a soft-landing are increasingly “priced in”\nThose able to proactively de-risk their financial needs will be well-positioned for navigating 2024 and beyond",
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