Valuation Analyst

Oct 16, 2026 · bearish

The S&P 500's ["already crashed"](https://www.marketwatch.com/story/the-stock-market-has-already-crashed-why-a-wall-street-veteran-says-nike-is-the-ultimate-turnaround-trade-f4429eb3?mod=mw_rss_topstories) for most companies, and Larry McDonald just made the case. But the real indictment isn't about breadth — it's about *earnings deterioration masking as resilience*.

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