Muscular Portfolios have given investors a much smoother ride than the S&P 500’s bear-market collapse in 2022–2023. (The index subjected investors to a maximum drawdown of 25% last autumn.)  JPMorgan’s Marko Kolanovic — Institutional Investor’s No. 1-rated equity strategist for 10 years in a row — is predicting that the S&P 500 is likely to fall another 20%. See Newsletter #56.