**[Morgan Stanley: The recent market turmoil is not the beginning of a sell-off, but rather nearing its end]** Reported by Golden Finance, on March 18, Morgan Stanley’s Mike Wilson, who has long maintained that a "rolling recession" is lurking in plain sight while Wall Street was celebrating the so-called economic boom, has returned with another counterintuitive judgment: Half of the stocks in the market are already in a bear market, the correction has lasted for six months, and investors who started panicking this week are clearly late to the party. Wilson, serving as Morgan Stanley's Chief U.S. Equity Strategist, argued in a report released on Monday that the recent market turmoil is not the beginning of a sell-off but rather nearing its end. He wrote: "This correction has matured in both time and price." He supported this view with a striking data point: 50% of the stocks in the Russell 3000 Index are currently down at least 20% from their 52-week highs; among the S&P 500 constituents, this proportion exceeds 40%. Wilson has often stood alone over the years, believing that the economic conditions of many businesses and consumers are far weaker than what core economic statistics like nominal GDP or employment growth suggest. He stated that the weakness does not manifest as a single collapse but moves sequentially by industry—starting with the technology sector, then consumer goods, and finally spreading to the broader economy.