Because of his steadfast bullishness, Formula Capital’s James Altucher has become a lightning rod for the bears. The Altucher backlash intensified after a Tech Ticker appearance on May 28 when he said the recovery was “better than a V” and predicted new highs for the stock market by 2012.
That appearance and those predictions prompted a sharp rebuke from Michael “Mish” Shedlock, who called Altucher “completely whacko.”
Since then, Altucher has been pitted on CNBC as the bull in ‘bull vs. bear’ debates with Nouriel Roubini and John Hussman, among others.
Now, with the economic recovery appearing to gain momentum and the major averages hovering near multi-year highs, Altucher is taking a victory lap.
“Everything I’ve said has come true,” Altucher declares. “It’s paid to be bullish over the past two years.”
“The reality is the stock picks I’ve [made] have gone straight up for the past year and a half,” Altucher claims, citing his bullish calls on Goldman Sachs, Genworth and Dendreon, among others. “There’s so many companies where if you have just stayed the path you would have done very well. If you stayed bearish, you’d be out of money; you’d be in the soup kitchen.”
Professing no personal animosity towards his counterparts, Altucher playfully suggests the bears owe him an apology, or, at least, an admission they were wrong. “If you’re going to call me a wacko [or worse] and then be dead silent for six months, maybe then a little apology is in order,” he says. “Let’s get Roubini on here. Let’s get Mish. We’ll have a party.”
I don’t know about serving hors d’oeuvres, as Altucher suggests, but I’d like to extend an open invitation to Mish, Roubini and John Hussman to come on Tech Ticker and respond.
Rather than declaring victory and resting on his laurels, Altucher ups the ante in the accompanying video: The bull run is just getting started, he says, predicting the S&P will approach 1600 before this rally is all said and done.
Business Insider Emails & Alerts
Site highlights each day to your inbox.