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  • Mike Wilson is Morgan Stanley’s US equity strategist. For a year he’s been one of the Street’s biggest bears.
  • In early 2021, he called for 10% to 20% correction based on a “fire” and/or “ice” scenario.
  • The “fire” scenario is currently underway, Wilson explains why the correction isn’t over and how to know when it is.

Morgan Stanley clients keep asking Mike Wilson: is it done yet? The correction in US stock markets, that is.

Wilson is the firm’s chief US equity strategist and according to his team, the most expensive stocks in the market were down around 30% in the last two months of 2021. Year-to-date, that same group is down an additional 10%.

Last year, Wilson became recognized as one of the most bearish strategists on Wall Street, with a call in early 2021 that the S&P 500 index could correct 10% to 20% due to a “fire” and/or “ice” scenario.

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