Whether bad news is priced in or not is also on the minds of the folks over at index provider Wilshire.
Their latest market drivers report found its way into our inbox and discloses that on a 12 month basis, price to earnings multiples are now nearing the lows of the pandemic lockdown period.
One thing they highlight is that while earnings per share forecasts for the US this year remain robust, revisions are occurring for future years.
They caution that this could create "value traps" for investors as the stocks may look cheap now, but the coming years may prove there was a reason for this.
But unlike in the UK and Eurozone, consensus economics forecasts for the US still point to the latter avoiding recession in 2023.
After the year we have all just had, if the biggest threat to equity market returns in 2023 is avoiding value traps, then it may be the market will become a somewhat unlikely safe haven.