What's Priced in to the Market?

There's a new note that just dropped moments ago literally from Marco Kalanovic over JP Morgan. He says we think that recessions currently not priced in the equity market well let me just there's soft landing priced in but not the equity and not a recession right I think the narrative is priced in, Bryn. Mike Wilson: You know earnings are unappreciated still in terms of how much they need to come down and that's going to drag everything it's just a matter of when not if he says okay maybe it's been pushed off to you know they won't even trough until Q4 or Q1 next year.