JPM: Stigende sandsynlighed for en recession, men ikke prissat i aktierne

Recession is likely only half way priced …in the past 5 downturns, S&P500 on average fell 37% peak to trough. Last 3 times, starting forward P/E was 19x, and trough P/E 12x. So far, from the February market peak to last Friday close, S&P;P500 is down 13%, and currently trades on 19x P/E. These are valuation levels seen at the start of a downturn, rather than at the end