1. How severe will it be? - modest, unless investors lose faith in the USD, and/or we see a major war across Europe (not only Ukraine/Russia) 2. What impact will it have on Md Market and Lower MM/owner-operator deals? businesses under $10MM revenues will likely get hurt first, since they are under-capitalized, and light on management. Thus these businesses will see EV declines 3. What industries and sectors will be hit hardest? Typical recessions will see housing, autos, furniture and other durable goods get whacked, then all who serve them. Hospitality and travel become discretionary. Food/staples can gain. 4. What will the impact be on earnings multiples? Given today;s high multiples this is easy - DOWN.

It's a complete waste of time to stay up all night worrying about these topics. Good deals are made no matter what the external or internal circumstances, or you name it. Learn how successful and profitable dealmakers source and do deals; don't waste time listening to people trying to find deals who don't complete worthwhile deals. Business school thinking needs to be left at business school.