Michael Wilson from Morgan Stanley, the number one rated portfolio strategist in 2022, recently came up with his data-focus outlook for 2023. The main theme is falling earnings per share, and given where the market prices are, he believes there are further downsides to go. Here are some notes from his research. Fire and Ice – Fire is inflation, and Ice is slowing growth. Together, they are pretty toxic, and when ice takes over the fire, they are more confident that bonds will beat stocks in this final phase that has yet to play out. The ratio of equity to bond may show that bonds may outperform stocks.