This year's bear market may have experienced its low point already but isn't likely to overcome all its losses anytime soon, investor Josh Brown suggested Tuesday.
"My take is it's possible that the lows for this bear market are in but that we don't get anywhere near the high and we spend the next three to six months chopping around as the economic data starts to decelerate and the earnings cuts for '23 start to take hold," Brown, Ritholtz Wealth Management CEO, said on The Compound live-streamed webcast.
"We said the V-shaped recovery is dead, it died already earlier this year, I don't think it's coming back," he added in a conversation with Ritholtz Wealth financial analyst Michael Batnick after market hours.
Brown cited a new Goldman Sachs note forecasting that a key inflation metric, core personal consumption expenditures, will be cut in half over the next year to 2.9% by year-end 2023, "and if that ends up being even close to what happens, it's a pretty good setup for most areas in the market."
"It might not be the best setup if you need Fed rate cuts to make your stock thesis work but it's a pretty good setup for most investors," he added.
