If you’d listened to Nouriel Roubini earlier this year, you’d have missed out on most of the rally, Bloomberg reports.
In a somewhat odd piece, they note that while you might have made money based on his forecasts prior to the crash, since then his prognostications haven’t fit with reality.
Now, we’ve been critical of Roubini at times — particularly for going to “hedge” mode lately, and also because we think his reputation as a prophet of doom is somewhat overstated (as with all the other Dr. Dooms) — but really, everybody knows he’s not a market timer or a stock picker. Economists never are. And if market-timing is a learnable science, then we’re pretty sure that economics is as much of a distraction, than it is a tool.
That being said, Roubini’s asked for this a little because he has tried his hand at equity calls:
Roubini told Bloomberg Television on May 13 that the stock market’s rally “might fizzle out,” citing expectations for weak growth in earnings. On March 9, he said it was “highly likely” the S&P 500 would fall to 600 or below because of plunging profits, an accelerating contraction in the global economy and a deteriorating outlook for banks.
The index reached a 12-year low of 676.53 that day and has since climbed for almost six months. Reports on industrial production, housing starts and car sales, along with comments from the Federal Reserve that the economy is “levelling out,” helped boost equities in the world’s largest economy.
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