We believe the beginning of 2023 will likely bring a recession and more stock-market declines — perhaps beginning between now and the end of January. Since this recession will likely end in late 2023 or early 2024, and the market will discount the economic upturn by 6–12 months, we think Read more
As we come closer to year end, U.S. markets remain, as of this writing, within a percentage point or two of their all-time highs. We have come a long way since the first reports of a new SARS-like virus began to percolate into public awareness in January 2020. The world Read more
We see a number of macro themes acting on markets in the coming year: The policies of major central banks, including the U.S. Federal Reserve, the European Central Bank, the Bank of Japan, the People’s Bank of China, and others, are supportive of global stock markets; A new president of Read more
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