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Market Discounts Recession; GDP, EPS Growth Worries Mount

- Our base case is U.S. virus peak in May and SPX bottoms around 2200-2400

- Now market doesn’t care that pandemic growth seems to be slowing in some places

- PMs seem to have written off 2020 and look to 2021, but EPS visibility low

Having lived through three bad bear markets, I thought I’d seen everything. But the rapid demise of stock prices in this one is nothing short of astounding. These are historic times.

There are two things investors are afraid of, both...

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