Lately, everybody’s been talking about Jeremy Siegel’s latest bullish call on stocks. On Saturday, Barron’s cover story highlighted Siegel’s call for Dow 15,000 within the next two years.
Yesterday, Bloomberg’s Trish Regan had the Wharton Professor on to further explain his call.
But Seabreeze Partners’ Doug Kass isn’t having any of it.
Kass, who famously called the March 2009 stock market bottom and nailed the 2011 S&P 500 close, aims to bring down the Jeremy Siegel bulls.
He groups Siegel with the likes of Meredith Whitney and Nouriel Roubini who made names for themselves with spectacularly successful calls, only to be followed by some pretty bad calls.
“[Q]uite frankly, the streets of Wall Street are paved with geniuses who have made one great call in a row,” writes Kass.
In his latest column on Real Money Pro, he expands:
Dr. Siegel comes off as a very nice person, but he is an academic who has been bullish at some very wrong times. Importantly, his theories regarding equities for the long term have been wildly off, as bonds have outperformed stocks for one, five, 10, 30 and 40 years, which, according to his investment thesis, is impossible.
His view on the fixed-income market also has been manifestly incorrect over the last two years. Dr. Siegel’s Wall Street Journal op-ed, “The Great American Bond Bubble” was wrong in its conclusion back in August 2010.
Kass also reminds us that back in July 2009, the Wall Street Journal’s Jason Zweig poked some holes in the data Siegel used in his research.
Earlier this year, Doug Kass wrote that that S&P 500 could “eclipse the 2000 high of 1527.46 during the second half of the year.” However, he recently changed his tone when be found out that Nouriel Roubini, Dr. Doom himself, turned bullish on stocks.
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