The Equity Market Is Pricing in a Recession

S&P 500 was down 20% last year, even though we had 2% economic growth. Does that imply the equity market is not yet pricing in any kind of recession? I think most investors you talk to and strategists, especially the sell side strategists, are very bearish. If they are buying stocks, they're looking at quality, which ironically is these NASDAQ 100 companies,. Your Apple, Microsoft, that sort of stock. These days.