When stock market earnings multiples start at 22x and compress to current 17x (as in 2022), but earnings themselves are about to enter recession, the real multiple on recession earnings is closer to 20x, not 17x, and stocks are still overvalued despite the 2022 decline.
causalpending
Speaker
David RosenbergEvidence Quote
“This stock market is still really expensive...You got to slap a 15 multiple...and that takes you down to like 2900 on the S&P”
Source
DoubleLine Round Table Prime, 2023 - Part 1: Macroeconomic State of Play 1-4-23— DoubleLine CapitalCreated: 8/11/2026, 1:33:48 AM
My Notes
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