Kass: Unattractive 12 Months Ahead

“The outlook for our global equity markets is ‘FUBAR.’ The consensus estimates for worldwide economic growth and profits are inflated. Valuations and market levels are overpriced — possibly meaningfully so. …

“The markets, to quote my Grandma Koufax, are ‘in a (sour) pickle from Katz’s Delicatessen on Houston Street’ as the chasm between asset prices and the real economy grows ever wider.

“The global economy and the markets have never faced such a wide array of possible outcomes, many of which are adverse. Yet market participants seem afflicted with a loss of memory and the belief that only positive outcomes stand to survive.

“My Malthusian view seems justified based on the ever-weakening and wobbly global economic outlook and markets’ still-elevated valuations. And I see an unattractive risk-vs-reward quotient in the US stock market over the next 12 months.”

— Excerpt contributed by Jason Kelly


Z-val: Doug Kass
Via: TheStreet.com
Date: 10/21/15
Disposition: Long-Term Bearish
S&P 500 on 10/21/15: 2019
S&P 500 on 10/21/16: 2141
Change: +6.0%
Judgment: Wrong

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