The Bottom Line: The Stock Market's Recession Hasn't Faded Yet

I think we're all a bit surprised at the shallowness of the earnings recession that we've had. The stock market last year clearly discounted something worse than what is transpired in 2023. I still think we are very late cycle and that this rally is pretty characteristic of that late cycle behavior. And until there's a reason to change course, which I do think will come, we will stay on this wagon.

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