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Could This Time Be Different?

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History suggests a sustained new bull market in stocks rarely starts from such expensive levels or before the economy bottoms, though some investors wonder if this time is different. In our Quarterly Market & Economic Report, we posit that at least a short and shallow recession will ensue as the economy slows further. Our models continue to call for caution and selectivity in public markets while positioning ourselves to take advantage of credit opportunities and scarcer capital in private markets.

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