Welcome to the On the Tape podcast. I am Dan Nathan. In just a minute, Guy, Danny, and myself, we sat down with the I-I-ranked number one chief equity strategist for Morgan Stanley. That is Mike Wilson. We talk about his 2024 outlook and some of the things that he got right and got wrong in 2023. And then Danny, Guy and myself hit a bunch of single stock stuff that caught our eye this week from GM to some M&A in the biotech space and a whole host of other things.

So stick around.

So Mike Wilson is with us.

Every quarter you come on, regardless of what's happening, I find the market extraordinarily hard to handle. Your work is extraordinary, as we've said. Dan mentioned you just got voted again, number one in what? What is that thing? I-I, number one. Which is remarkable because you know why? That's your peers that vote on that and they obviously think the world

of your work as do we. So as we sit here with the S&P 4550 thereabouts, it's surprising

me, where do you sort of gauge things right now? Because I know your thesis hasn't changed.

And quite frankly, all the things that you thought would happen are actually getting worse.

It's just not manifesting itself in the stock market.

Yeah, it's been an interesting year, frustrating, as you say, because the fundamental call that we've had is actually played out in spades through most of the economy.

Now, of course, there's these 10 stocks that have done a terrific job of managing costs, and that's, you know, effectuated a pretty good earnings recovery for the S&P

because there's such a, you know, large weight in that. But the average stock, and, you know,

most stocks are not having a good year because it's a difficult operating environment. The earnings

pictures pretty crummy. The macro environment is, I say, tenuous at best. The only thing really

going for the market right now is that we're at the end of the Fed hiking cycle,

and we're doing the Pavlovian response for like the fifth time, by the way, since a year ago.

You know, we made that call that, of course, almost took Danny to the hospital a year ago,

where we got bullish.

We got bullish on the Fed pivot a year ago.

Okay, it kind of worked into the year end.

And then I feel like we've had the Fed Pivot call like four times. This is the next one. This is probably the real one. This is the one where

they actually probably are done. They probably did their last hike in July. So let's go back

to October because September and October, I felt like, okay, the thesis really is playing out.

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