Morgan Stanley’s Mike Wilson Says the Earnings Recession is Worse Than You Think
Today’s guest is Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer for Morgan Stanley, and one of the biggest bears on the Street today.
In today’s episode, Mike starts by touching on the price action we’ve seen so far in 2023, which he says is driven by global liquidity instead of fundamental factors. Then he gets into his outlook for 2023. He has a non-consensus view that we’re in the early days of an earnings recession and expects earnings for the S&P 500 this year to come in around $195 compared to the Street average of $210-215.
Before we let Mike go, we have him share what he is positive on in the US. He explains why operational efficiency is the factor he likes the most right now, and why areas like industrials, financials, commodities, and even some technology names fit that criteria.
Today’s episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. To start your free trial and be sure to mention “MEB” for 20% off your subscription here: https://go.ycharts.com/meb2023 (New clients only)
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