The S&P 500 Is Up 20% Year Over Year

The direction of the S&P has always historically been up. It's up three out of four years, 72% of the time. For you to be bearish now, thinking as another 10, 15% decline in S&P means that we're going into a protracted, long-gated recession. I see inflation, all these like forward-looking inflation indicators actually materially decline. The key is whether or not these earnings actually are lower and comes in worse than expected.

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