On 2/24/2022, >40% of S&P 500 stocks were in a bear market = 9 of 9 times past 30 years stocks higher 12M out (ex-recession)

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STRATEGY: On 2/24/2022, > 40% of S&P 500 stocks were in a bear market = 9 of 9 times past 30 years stocks higher 12M out (ex-recession)

Credit markets and investors are still hawkish = equity markets need to discount/resolve thisThe major difference in 2022 compared to the pandemic era ...

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