This morning, Morgan Stanley’s top equity strategist Adam Parker was on CNBC explaining his bearish outlook on stocks.Sam Ro summarized Adam Parker’s beliefsin a post at the end of March.
- “Lower forecast earnings growth and more concentrated earnings among S&P stocks.”
- “Non-normalized interest rates and a vastly expanded Fed balance sheet.”
- “Much higher commodity prices, particularly oil.”
- “Index rebalancing has contributed to performance: 125 new firms have $82 billion more market cap than the outgoing companies had in 2006; also, 25% of income growth is from Apple.”
“Don’t pay a higher multiple for today’s corporate earnings!“
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