The S&P 500's maximum drawdown takes place during the recession, not 12 months before

That's the result of a study that takes into account all recessions from 1929 to the present day

Here is a snapshot of all recessions since 1929. The resulting evidence is that the S&P 500's maximum drawdown occurred during the recession itself, and not in the 12 months prior. Please be sure to watch out if we get one in 2H23.