You remember what happened in 2009. A big recession and a nasty hit to agency share prices. Why would you want to go there again? Because while it won''t be easy, this time the Mad Men can take on the macro. We''ve built detailed pictures of EPS trajectories under recession, with granular work on the often-opaque world of revenue and cost streams, to uncover impressive and arguably overlooked resilience. What''s more, we''re adding the US leaders to our European coverage, for global coverage of this global industry, with new benchmarks and in-depth read-across. Our top picks are Publicis (+) and Interpublic (+) on stronger organic growth supported by their progress on the pivot to higher quality revenue streams. WPP is (=) and Omnicom a relative Underperform.