Veteran markets strategist James McDonald, CEO of Hercules Investments, is staying with a call that he has had throughout the coronavirus pandemic fueled bear market, now going on two months.

That is, at least one more major course correction is ahead for equities as investors realize — once and for all — the U.S. economy is in a severe recession that won’t end anytime soon. It’s a call he has reiterated several times as a guest on Yahoo Finance’s The First Trade.

By McDonald’s math, he contin