Introduction

When bear markets happen and the investment mistakes of the prior cycle get revealed, all of a sudden you tend to see bearish investment commentary intensify. By the time a lot of assets reprice it's time to start shifting our focus towards where things go from here. Equities tend to bottom several months at least before a lot of other things do during recessions. The chances of a recession are quite high over the next few quarters given what's going on with Fed policy.