Photo: Fox Business News
As stocks sit near new multi-year highs, many investors regret ever heeding the warnings of the sceptics, bears, and outright doomsayers.Nevertheless, Wall Street’s most well-known naysayers continue to warn that we are only increasingly exposing ourselves to risks as the U.S. national debt passes $16 trillion and the Federal Reserve’s unconventional monetary policy takes us into uncharted waters.
We compiled a list of the most notorious bears who relentlessly pound the table with their warnings as the markets continue to soar.
One characteristic that seems universal among the bears is their use of colourful language.
Title: Author of the Dow Theory Letters
Notable call: Back in May, Russell warned that Dow Theory -- a popular stock market technical indicator -- was confirming a 'primary bear market signal.' Russell favours hard assets like gold and collectibles. And he has stood by the his calls even as risk assets continue to rally. Recently, he warned 'Something evil and bearish is bubbling in the guts of this market.'
Title: Manager, Zulauf Asset Management
Notable call: Like many, Zulauf is concerned about the impact of easy monetary policy around the world and that all of it will lead to the end of fiat money. In a recent interview, he warned that the Government bond bull market was over and that the S&P 500 would see 1,000 within the next two years.
ALBERT EDWARDS: The Vice-Like Grip Of The Bear Will Soon Squeeze The Hope From Their Gasping, Broken Bodies
Title: Contributing Strategist, Nomura
Notable call: Several times this year, Janjuah has argued that stocks would likely rally before collapsing. So far, the first half of his call has been spot on. In late August, Janjuah published a note titled Time For Action, Warning Over. He sees the S&P 500 tumbling by around 20% to 25% from here.
Title: Tice Capital, former bear market strategist for Federated Investors
Notable call: Tice isn't quite as public as he used to be. Earlier this year he call for gold to surge to $2,500 and the S&P 500 to tumble to 1,000.
Tice is also a producer for The Bubble, a documentary about the financial crisis.
Title: Chief Strategist, Gluskin Sheff
Notable call: Since at least the stock market bottomed and the economy returned to growth in 2009, Rosenberg has taken every opportunity to point to the cracks in the economic data that would suggest things aren't looking as good as many would say. However, one remarkable call that has worked out brilliantly for Rosenberg is that Treasuries were in a bull market and that yields would continue to go lower. This call has separated him from most bears who expected rates to rise.
Title: Manager, Hussman Funds
Notable call: Hussman's weekly market commentary is a must-read, but the topics can be pretty difficult to comprehend. Bottom line: most of the indicators that Hussman follows say that stock market returns will be ugly. From his commentary today: 'As of Friday, our estimates of prospective return/risk for the S&P 500 have dropped to the single lowest point we've observed in a century of data.'
Title: President, EuroPacific Capital
Notable call: Schiff is one of the most vocal critics of the Federal Reserve and Congress, who he argues will push us towards the end of capitalism. Recently, he has argued that we are getting increasingly close to a currency crisis that could eventually force us back to the gold standard.
Title: President, Economic Cycle Research Institute
Notable call: Achuthan earned his street cred by accurately predicting previous recessions. However, his latest recession call, which he made a year ago hasn't panned out, making him the target of intense criticism. Nevertheless, he's sticking to it.
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