The Risk Reward for Equities

Marco Kalanovic says the risk reward for equities is poor given elevated risk of recession, stretched valuations and high rates. The things that he's talking about are macroeconomic, right? Liquidity. Where the economy is overall. Could we have a service sector that avoids recession and a manufacturing recession happen concurrently? So look at May S&P Global, U.S. manufacturing PMI. It's like seven straight months or six out of seven months in contraction. Services are going up. What if it's just this kind of thing where it's affecting one part of the global economy way differently?"