Morgan Stanley’s CIO and Chief US Equity Strategist Mike Wilson comments. His "Bottom line":markets are likely to remain vulnerable in the near term until we get better growth data or more comfort from Fed on policy support, neither of which we think is forthcoming soonsupport can also come from cheap valuations, but we don’t have that yet at current pricesS&P 500 is still trading 20x forward 12-month earnings estimates. Our fair value multiple assuming a soft-landing outcome on the economy is closer to 19x, which means things aren’t actually cheap until we reach 17-18x, which is more than 10 per cent away from where we are trading If you want more:topping process began in April with the fir
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