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Stocks At ‘High Risk’ In March, Wilson Warns
March is a "high risk" month for US equities.
That's according to Morgan Stanley's Mike Wilson who, after last year's run of prophetic success, will be forgiven for having "high" confidence in his own forecasting ability.
Over the weekend, I cautioned that the re-rating which drove gains for stocks early in 2023 suggested markets are still inclined to assume a multiple consistent with a macro regime that might've ceased to exist in the 2020s+. That'd be perilous enough on its own. It's perhaps
Good morning, Walt. The value here is that you’re remarkably good at illuminating the discomfort in my gut and shining light on the variables that make me uncomfortable. But you also illuminate the potential outcomes down the road. For a guy like me, that kind of advice serves a very useful purpose. None of us can predict the future. While we all still have to buckle up and ride the beast for much of this year before things loosen up, it helps to have your perspective of the landscape.
P.S. My gut is grumbling about the question of the Ukraine War outcome, and implications for the world economy. A jackass like Vladimir Putin is not offering any comfort, which is by design. I would like to see US diplomats whispering in the ears of the Chinese about the impacts of Putin’s war on the world’s major economies, including China’s. I’d like to believe Biden, or someone in the administration, is thinking ahead about this.