acemaxx<p><a href="https://econtwitter.net/tags/declining" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>declining</span></a> operating <a href="https://econtwitter.net/tags/margins" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>margins</span></a> have often coincided with significant equity market drawdowns, even outside of <a href="https://econtwitter.net/tags/recessions" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>recessions</span></a> -- In 2011, 2015–2016, 2018 and 2022, S&P 500 Index saw meaningful declines as operating <a href="https://econtwitter.net/tags/margins" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>margins</span></a> started falling, chart @MorganStanley</p>