Don’t Expect Additional Big Stock Gains, Mike Wilson Warns

Guess who isn't bullish? "We see limited upside at the index level on a six- to 12-month horizon given where valuations and earnings expectations are," Morgan Stanley's Mike Wilson said, in a Tuesday note. Beginning earlier this year, Wilson subtly (and wisely) pivoted away from weekly recitations of the broader bear case (such as it was) in favor of a more nuanced narrative centered around a preference for quality. That served him well at a time when index bears were driven to the brink of e