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  • Investors are still digesting a monetary policy shift, says Zehrid Osmani.
  • In such an environment, fundamentals will become increasingly important, he said.
  • He shared 5 stocks his firm is betting on for the years ahead.

Much of the stock market has suffered from the substantial shift in the macroeconomic outlook that has happened since the start of 2022.

As the Federal Reserve has adopted a more hawkish stance as it tries to slow down four-decade-high inflation, expectations for earnings growth have been downsized, and investors have been de-risking portfolios. Deutsche Bank has said they expect a recession in 2023 thanks to tighter Fed policy. Goldman Sachs said this week that the risk of a recession is “very high.”

Since January 3, the S&P 500 is down roughly 18%, the biggest drop the index has seen since the 35% drawdown in February and March 2020. And many, like Morgan Stanley, say it has further to fall. 

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