Equity Is a Pricing in Not a Recession?

We're in an environment shaped by supply constraint, which is very, very different from the great moderation that has been shaped by demand and spending. We expect margin to actually come under pressure and eventually the current market consensus for earnings growth. Not just in Europe, but also in the US, we'll have to meet the reality that we are heading into a recession in Europe this year and one in the US,. like quickly next year as well. How far away from realistic pricing do you think we are in equities?