Fresh after a mini-“I was misquoted scandal” last week, Dr. Doom, Nouriel Roubini just appeared on CNBC to discuss his market and economic outlook. Warning: It’s a little conviction-less, a la Meredith Whitney, though not quite as bad.
He says the worst is behind us in terms of the crisis, though not necessarily the economy. It’s not going to be a V-shaped recovery, but it won’t be an L-shaped depression. Instead, look for a long, slow, ever-so-slightly-upward slog.
And the good news, for investors, the March lows are long-gone history. There’s no reason for the market to price in armageddon lows again.
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