Evidence from broad U.S. equity indices shows there was no quick, full rebound in the weeks after the March 19, 2022 podcast date, and that elevated volatility and repricing persisted:

• The S&P 500’s prior record close was about 4,796 on January 3, 2022. It was around 4,463 on March 18, 2022, rose modestly to ~4,545 on April 1, then fell to ~4,132 by April 29, well below the January high.(statmuse.com) This pattern is inconsistent with “everything’s going to bounce back in a few weeks.”
• The selloff deepened: by June 16, 2022 the S&P 500 had dropped to about 3,667 (over 20% below its January peak), putting it firmly in bear‑market territory, with year‑to‑date returns around –20% by the end of June.(spglobal.com) That is a continued repricing phase, not a transient dip.
• Volatility stayed elevated: the VIX in April–June 2022 frequently ran in the low‑ to mid‑20s and often above 30, well above the typical “average” 13–19 range, and 2022’s average VIX level (~25.6) was much higher than in calmer years.(fred.stlouisfed.org)

Because there was no rapid, durable snap‑back to prior highs in the following weeks and volatility remained elevated for months, Friedberg’s prediction that the early‑2022 drawdown would not be merely transient and would not fully reverse in a quick rebound was right.