The early cycle snapback from pandemic lows could be nearing an end as the economy moves into the mid- to late-cycle phases of the market cycle. The back end of market cycles are characterized by weaker breadth and higher volatility. In this environment, tactical allocations and security selection will be more important to improving outcomes than passive index exposure. The TINA environment is still intact, but inflation and rising interest rates pose significant risks to market valuations. With valuations offering little appeal, earnings growth will determine the path of where the markets head in 2022. Favor value and growth at a reasonable price over high-octane, high-multiple growth. Tactical strategies will be a key component of domestic equity exposure and will perform well during periods of volatility and internal rotations. Ultimately, valuations, moderating economic growth, and multiple contraction will bring expected returns back in line with historical mid-single digit levels.