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September 01, 2020 1:32pm
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The record stock-market run enters a new phase when beaten-down bears turn bullish

Morgan Stanley’s Michael Wilson shifts his bearish tune toward U.S. equities. Is it a bout of FOMO, or fear of missing out, for the prominent strategist who accurately predicted a pair of ugly downturns for stocks in 2018?
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Photography by Christophe Tomatis
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