JP Morgan's Marko Kolanovic is standing by his prediction that the S&P 500 is overvalued and will end the year down 24% from its current level. Despite being the lone bearish strategist on Wall Street, Kolanovic argues that current stock prices are unsustainable, with earnings growth projections far exceeding reality. The famous CAPE model by Robert Shiller supports his claim, indicating that current earnings levels are inflated. Kolanovic's departure serves as a reminder that short-term market predictions are unreliable, and that inflated prices eventually give way to financial fundamentals. With historically high price-to-earnings ratios, potentially inflated earnings, and rising real yields, the stock market could be headed for a significant correction. While the bulls may continue to drive prices up, the long-term outlook suggests that investors may face diminishing returns in the years to come.