I understand markets remain down around 20% from 2021's highs. That said, we are coming down from some pretty lofty valuations.
Even when accounting for the declines over the last 6 months, stocks have absolutely not accounted for any of the shitstorm we will see in 2023.
Forward expectations across earnings and multiples remain too high. We have not reconciled how bad things are looking across PMIs and ISMs. Employment remains at levels that are inflationary vs disinflationary.
Player896 OP t1_iyepyeu wrote
Reply to comment by hoopaholik91 in Message to bears + 2023 Year End targets from major banks by Player896
I understand markets remain down around 20% from 2021's highs. That said, we are coming down from some pretty lofty valuations.
Even when accounting for the declines over the last 6 months, stocks have absolutely not accounted for any of the shitstorm we will see in 2023.
Forward expectations across earnings and multiples remain too high. We have not reconciled how bad things are looking across PMIs and ISMs. Employment remains at levels that are inflationary vs disinflationary.