Simon Hamilton, Managing Director and Portfolio Manager, discusses the resiliency of the stock market in light of growing recession fears and falling earnings estimates. He expresses optimism that markets often bottom well before corporate earnings but has concerns around elevated valuations, overly optimistic earnings forecasts and how a small number of names have been responsible for most of the market's positive returns this year. He encourages "bottom up" analysis and a focus on individual company execution. He also considers the recent news flow from AAPL, STZ and JNJ and weighs their various headwinds and tailwinds.
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