Last year had its fair share-and more-of exogenous shocks: the Texas big freeze, the Suez Canal shutdown, the delta scariant, wildfires in California, and supply chain disruptions everywhere. It was also rich in extraordinary policy responses: quantitative easing amid the highest inflation rates for a generation, fiscal stimulus despite double-digit GDP growth, new lockdowns, and sweeping vaccine mandates. On top of all that, add a sprinkling of wild and unexpected market developments: Gamestop, Spac speculation, and the NFT craze to name just three – but what did this mean for free cash flow?