- Everyone seems to be looking for the next recession—and the next bear market—but what if both already happened?
- The global economy has been slowing for a year and a half in what can be termed an "industrial recession," and many stock markets have declined 20% to 30%, either in price or valuation or both.
- Stock markets can correct in many ways, from price drawdowns to valuation de-ratings to simply lagging their respective long-term trend lines. For the past 21 months, global equities have done all three.
- Based on price patterns since 2009, one could make the argument that stocks are ready to break out to the upside once again.