With defensive stocks now expensive and offering little absolute upside, the S&P500 appears ready to join the ongoing bear market. Defensives can still outperform but it’s just a relative trade at this point. Inflation is peaking but that’s not bullish, because it means margins & EPS have peaked too. Harder to hide… Over the past year,equity markets have provided plenty…
Morgan Stanley: Weekly Warm-up: Harder to Hide as the Bear Gets Grisly
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