The underperformance of the US stock market seen last year has generally paused so far in 2023, as returns have been propped up by mega-cap “growth” stocks. That may continue over the rest of the year, especially if advanced economies enter recessions. But, beyond that, we wouldn’t be surprised to see the US stock market fall towards the back of the pack if, as we expect, the global economy recovers and the correction in US growth stock valuations resumes.
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