Morgan Stanley: The recent market turbulence is not the beginning of a sell-off, but rather nearing its end.

Jinse Finance reported that on March 18, Mike Wilson of Morgan Stanley, who for years has maintained that a "rolling recession" lurks in plain sight while Wall Street celebrated the so-called economic boom, has now returned with another counterintuitive assessment: half of the stocks in the market are already in a bear market, with the correction lasting for six months, and investors who only began to panic this week are clearly late. As Morgan Stanley's Chief U.S. Equity Strategist, Wilson argued in a report released on Monday that the recent intense market volatility is not the beginning of a sell-off, but rather nearing its end. He wrote, "This correction has matured both in terms of time and price." He supported this view with a striking data point: 50% of the stocks in the Russell 3000 Index are currently down at least 20% from their 52-week highs; in the S&P 500 Index constituents, this proportion also exceeds 40%. Wilson has often stood alone over the years, believing that the economic conditions of many companies and consumers are much weaker than what core economic statistics such as nominal GDP or employment growth indicate. He stated that weakness does not manifest as a single collapse, but moves sequentially by industry—first technology, then consumer goods, and finally broader economic sectors.