Is There a Bull Case or a Bear Case in the Equity Market?

There are two components to the multiple that you're getting and then there's the earnings. In order to get to big upside in the s&p 500 from year to date you know that 20 plus upside you have to assume not only strong earnings growth but you also have to assume multiples going back to pandemic era levels meaning what we would argue were bubble multiples fueled by stimulus. The thing to always remember with multiples though and in talking about it I think is really important is that there's always the first part of a multiple move that is driven by fundamentals as well as where interest rates are.

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