A lot of bearish sentiment out there for good reason, but what is the reality:

Chart courtesy of @Macroalf (twitter). Sell side analysts guiding for a 17% return in the second half! Note how their guidance is trending down over time - I think that is the key takeaway.

A second chart, this time of equity exposure. It remains well above the mean, and does not align well with the sentiment. Consumer sentiment is a leading indicator, indicating equity positioning may well fall - remember my post about a looming cash shortage?

There appears to be is a significant disconnect between market sentiment (Bearish) and actual market positioning / consensus (bullish).

Be mindful of your positioning - how will it perform in a recession? I recommend this Tweet......