RE:Thoughts on an Overall Market CorrectionThe market for 2022 turns very much on the nature of the current inflation. The Fed's position is that it's only temporary (though its confidence in that position may be slipping).
If supply chains return to good working order and that leads to inflation slowing then that would likely be good for markets.
On the other hand, if inflation is just getting going then the market could turn ugly in one of two ways.
(1) the Fed starts pushing up interest rates in the spirit of Volcker 1980-ish (though probably much less aggressively). This would certainly be bad for the market.
(2) the Fed wimps out--as I think Roubini believes they will--and then inflation actually starts to accelerate (or at least become entrenched). This would, on the whole, be bad for markets, though some companies can do okay in an inflationary environment. But, regardless, it would tank multiples. You could see companies with 20% earnings growth but their PE multiple drops from, say, 40 to 25--i.e, the stock falls even if financials look okay.