When markets have dropped two years in a row, the second year has hurt more.
The constructive view of money managers is at odds with the low gains Wall Street is predicting.
Many strategists remain skeptical that the recent equity gains can last.
Even amid the rout, big tech stocks' earnings don't justify their prices.
U.S. firms are still on pace for a record $1.25 trillion of repurchases this year.
The S&P 500 Index has fallen 25% in a little more than nine months since its January peak.
The firm is exploring radical cuts to its volatile investment bank.
The Swiss bank should pivot away from investment banking and focus on wealth management, he wrote.
The market still faces multiple headwinds for the remainder of the year.
The S&P 500 Index is close to testing its 200-week moving average.
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