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  "notes": "The chart illustrates that approximately 41% of S&P 500 revenues are generated outside the U.S.",
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      "text": "While we continue to view U.S. equities as the “best in show,” a substantial share of S&P 500 revenues are derived from foreign sources. As such, if a recession were to manifest itself in Europe, that, coupled with a continued slowdown in China, would pose a sizable negative impact on earnings for S&P 500 companies.",
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      "text": "Source: Apollo, MSIM. As of December 31, 2024. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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