- This deck has been doing the rounds the past few weeks.
- It is actually a good description of market downturns and how they work.
- Especially recommend looking from page 10 onwards – to understand the various stages (P/E reset, earnings revision) and slide 23 – what capitulation looks like.
- Based on this feels we are still not there yet.
- Interestingly they are also raising a structured equity fund.
