Evidence shows both parts of Sacks’s prediction largely played out:

1. Fed QE ended by March 2022
   Official Fed communications and subsequent analysis note that the Federal Reserve completed its pandemic-era net asset purchases and ended QE in March 2022, then quickly shifted to rate hikes and, by June, quantitative tightening. (sec.gov) That matches his timing (“March will be the last month”).

2. Post‑April 2022 performance of liquidity‑sensitive assets
   After QE ended:

   • Crypto: Bitcoin’s price fell about 33–34% from December 1, 2021 to April 30, 2022, and then another ~64% from April 1 to December 31, 2022, a cumulative crash of roughly 75% from late‑2021 levels, emblematic of the 2022 “crypto winter.” (statmuse.com)
   • High‑growth / speculative stocks: The ARK Innovation ETF (ARKK), a proxy for highly speculative growth names, declined about 67% in 2022, with most top holdings down 50–80% that year, far worse than the S&P 500’s ~19% drop and the Nasdaq’s ~33% fall. (gurufocus.com) This is exactly the sort of “growth stocks that benefited from excess liquidity” he highlighted.
   • Collectibles (e.g., sports cards): A detailed 2022 year‑end report from Card Ladder shows its broad vintage index was down about 5% for the year, while modern and ultra‑modern card indices fell over 30% in 2022, after huge gains in 2020–21—described as a retraction after an overheated, speculation‑driven boom. (sportscollectorsdaily.com) A separate overview explicitly notes that the sports‑card market “saw a downturn in 2022,” even though long‑term returns remained strong. (withvincent.com)
   • Art (especially speculative/digital segments): While the overall traditional art market was relatively stable in 1H 2022 and even posted small gains, alternative‑asset research notes art returned roughly 0% in the first half of 2022 while stocks and crypto were falling, indicating at best stagnation rather than outperformance. (insights.masterworks.com) More importantly for Sacks’s “excess liquidity” thesis, the speculative NFT/collectibles side of the art market collapsed: Art Basel/UBS reporting shows art‑related NFT sales on NFT platforms fell about 49% in value in 2022 versus 2021, and collectibles‑style NFTs dominated that earlier boom. (artsandcollections.com) Those are precisely the frothy, liquidity‑driven segments he was pointing to.

3. Macro context and causality
   The broad 2022 bear market in risk assets coincided with the Fed moving from QE to aggressive tightening: the S&P 500 fell 19% and the Nasdaq 33% for 2022 amid rapidly rising rates and shrinking liquidity, a pattern widely attributed to central‑bank tightening after the end of QE. (en.wikipedia.org) While one cannot prove causality from QE alone, the timing and concentration of damage in the most speculative, liquidity‑dependent assets (crypto, high‑growth tech, NFTs, modern collectibles) match his stated mechanism.

Because (a) the Fed did in fact stop net QE by March 2022, and (b) from roughly April 2022 onward, the assets he singled out—especially crypto, speculative growth stocks, and modern collectibles—suffered large absolute declines and clear underperformance relative to broader benchmarks, his prediction is best judged as right, with the caveat that traditional high‑end physical art was more resilient and only cooled rather than collapsing immediately.