Abhijit Chakrabortti of Morgan Stanley (MS) was the #1 market forecaster in 2008, and now he’s resigning after just 17 months at the bank. How accurate were his predictions?
Bloomberg: His 2008 prediction for the Standard & Poor’s 500 Index was the most accurate on Wall Street and still missed by 622 points. Chakrabortti predicted the benchmark gauge would finish last year at 1,525, a projection that proved too high after $1 trillion of bank losses sent stocks to their worst year since the Great Depression. He said U.S. banks were fairly valued in November before they fell an average 38 per cent.
No word on where Chakrabortti will take his crystal ball to next. If you know, leave a comment or send a tip to [email protected]