Morgan Stanley's Mike Wilson Says the Earnings Recession is Worse Than You Think | #472

<p class="MsoNormal"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;"> Today’s guest is <strong><a href= "https://www.morganstanley.com/profiles/mike-wilson-chief-investment-officer"> Mike Wilson</a></strong>, Chief U.S. Equity Strategist and Chief Investment Officer for Morgan Stanley, and one of the biggest bears on the Street today.</span></p> <p class="MsoNormal"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">  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.</span></p> <p class="MsoNormal"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;"> 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.</span></p> <p class="MsoNormal"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;"> <span style="mso-spacerun: yes;"> </span>-----</span></p> <p class="MsoNormal" style="background: white;"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif; mso-bidi-font-family: 'Times New Roman'; color: #222222;"> Follow Meb on</span> <span style= "color: black; mso-color-alt: windowtext;"><a href= "https://twitter.com/MebFaber"><strong style= "mso-bidi-font-weight: normal;"><span style= "font-size: 16.0pt; font-family: 'Calibri',sans-serif;