The US Economy Starts and Ends With the Consumer

In what I think we all would agree is a challenging environment when we have seen multiple in the low teens. Those low team multiples also coincide with a lot deeper recession. So our base cases that we've either already had a recession or we're going to get a recession is going to be a light recession. The average multiple coming out of a bear market for the next 12 months following from the start of the bear market, the average multiple increase is six and a half points.

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