• Seth Golden posted an update 1 week, 2 days ago

    MS Cross Asset Strategist, Andrew Sheets teaches bears to love the “U”

    “…while we frequently hear that the market isn’t prepared for a slow, ‘U-shaped’ recovery, we would be more relaxed: After all, a ‘U’ implies that the worst is behind us, and the rate of change is positive. History suggests that markets routinely look ahead. And for all the talk that ‘the market is expecting a V-shaped recovery’, this is really not the impression we get from discussions with investors or from the leadership within the market. We think that actual economic expectations are pretty modest, as reflected in the low level of interest rates, the valuation discount of cyclicals and very high investor cash balances”

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