Unprecedented levels of government stimulus, record levels of IPOs and an explosion of the SPAC market provided an abundance of liquidity to an already-buoyant market. These factors, combined with historically low interest rates, have fueled record levels of M&A and refinancing activity. This panel examines the effects that this "easy money" has had on valuations throughout the pandemic, and compares these effects to companies' valuation outlooks for the remainder of calendar year 2022 and beyond.