Discussion on the US economic recession summarizes everyone's views into two points:
If the US does not experience a recession, then the current valuation of US stocks is very attractive, while other regions are not;
If the US really does experience a recession, then the current valuation of US stocks is unreasonable, and other regions are also unreasonable.
A magical Schrödinger state!
Whether it is in recession or not is not important; it actually is not in recession.
What matters is that it makes you feel like it is in recession.
