Takeaways from Tel Aviv... investors wait for clearer signs of falling inflation but that is also consensus. 2023 EPS probably above consensus if USD softens in 2023.

I just returned from a multiday visit with institutional investors in Tel Aviv. Over the course of two days, we sat down with over 80 institutional investors representing AUM of >$500 billion. We spent half a day in Jerusalem (my first visit there) and in that short time, managed to see the Wailing Wall, Dome of the Rock and Church of the Holy Sepulcher.

Similar to the plurality of our institutional investor meetings in the US, investors are overall quite cautious. And the following ...

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