“Fire and ice” isn’t just a show about dragons and zombies on HBO. It’s been Michael J. Wilson’s vision of the stock market throughout 2022.
Wilson, the chief investment officer at Morgan Stanley, has argued that stocks are fighting a toxic combination of economic headwinds—which he calls “fire” and “ice”—that are set to keep equity prices subdued until late 2023.
The stock market’s summer rally was cut short last month as investors digested a reaffirmation of the…
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