‘Misaligned’ Equities Ignore ‘Negative Externalities,’ Geopolitical Firestorm

US equities re-rated too far, too fast out of the gate in 2023. Where and when have you heard that before? You heard it here over the weekend, and certainly not for the first time. I've been on (and on) this month about the disconnect between multiples and real rates, and in a Monday note, JPMorgan analysts led by Marko Kolanovic reiterated the point. "History implies that for the current level of real rates, the S&P 500 multiple is ~2.5x overvalued, they wrote, in the course of suggesting