“The outlook for our global equity markets is ‘FUBAR.’ The consensus estimates for worldwide economic growth and profits are inflated. Valuations and market levels are overpriced — possibly meaningfully so. …
“The markets, to quote my Grandma Koufax, are ‘in a (sour) pickle from Katz’s Delicatessen on Houston Street’ as the chasm between asset prices and the real economy grows ever wider.
“The global economy and the markets have never faced such a wide array of possible outcomes, many of which are adverse. Yet market participants seem afflicted with a loss of memory and the belief that only positive outcomes stand to survive.
“My Malthusian view seems justified based on the ever-weakening and wobbly global economic outlook and markets’ still-elevated valuations. And I see an unattractive risk-vs-reward quotient in the US stock market over the next 12 months.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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