Last updated Nov 29, 2025
markets
US equity markets will complete their bottoming process by roughly the end of 2022 or the early part of 2023, after which they will begin forming a base rather than making substantially lower lows.
I think that we are starting a bottoming process for the equity markets. And I think that by the end of this year or the early part of next year, most of that will be done.View on YouTube
Explanation

Evidence on the major U.S. equity indices lines up with Chamath’s call that the 2022 bear market was in a bottoming process that would largely complete by late 2022 / early 2023, after which markets would base and move higher rather than making materially lower lows:

  • S&P 500: The index’s lowest close of the 2022 bear market was 3,577.03 on October 12, 2022, and this level has not been undercut since. Market data and commentary widely treat that date as the bear‑market low, with the subsequent advance described as a new bull run that began from that October 12, 2022 bottom. (statmuse.com)
  • Nasdaq Composite: The Nasdaq’s bear‑market closing low was 10,213.29 on December 28, 2022, the lowest close in 2022 and in the entire 2022–2024 window; after that, it trended higher and never printed a lower close through at least early 2024. (statmuse.com)
  • Russell 2000 (small caps): Quarterly data show its 2022 lows occurring by mid‑2022, with subsequent quarterly lows in late 2022 and through 2023 all above those levels, indicating the small‑cap bear phase had also bottomed by late 2022 and then based at higher levels. (sec.gov)
  • Post‑bottom behavior: By June 2023, the S&P 500 had risen more than 20% from its October 2022 low—meeting a common definition of a new bull market—and subsequent drawdowns in 2023–2024 were corrections from significantly higher prices, not breaks to new cycle lows. (en.wikipedia.org)

Taken together, U.S. equity markets did finish their bottoming process roughly by the end of 2022 (S&P in October, Nasdaq by late December), and from early 2023 onward they formed a base and advanced without making substantially lower lows from those 2022 troughs. That matches the essence and timing of Chamath’s prediction, so it is best classified as right.