BlackRock, the world’s largest asset manager, has been making a case that U.S. stocks look “cheap” heading into 2023, even if equities might still need to find a bottom and earnings remain a wild card.
A chief reason? The S&P 500 index’s dramatic 20% decline on the year through Tuesday puts stocks on pace to post their worst year since the 38.5% plunge in 2008, according to Dow Jones Market Data. To help inform this view, DeSpirito’s team looked at how returns stacked up in the past 65 years based on the S&P 500’s trailing 12-month price-to-earnings ratio, a gauge of the value of a company’s shares based on earnings. The average one-year return was pegged at 11% based on the S&P 500’s current 19.7x P/E range as of Nov. 30.
Didn't they say last month this would be the worst recession ever ? Lmao
Looking for another 20%-25% ⬇️
Lil bit more down?
Cameronfous blackrock change their mind already? Looks like they’re long now…