John Mowrey sees three themes for 2022: quality value positioning in the U.S., dividend growth to offset inflation and emerging markets. Mowrey says dividend growth is going to be an increasingly important theme given inflation is at 40-year highs and that he continues to favor high quality over low quality in 2022. One key area of opportunity is emerging markets, which Mowrey says are at the biggest discount to the U.S. in 20 years.