Tags: 2020 Elections | street | strategists | wrong | presidents | market

Street Strategists Always Wrong on Presidents' Market Sway

Street Strategists Always Wrong on Presidents' Market Sway
(Alain Lacroix/Dreamstime)

Wednesday, 30 October 2019 08:17 AM

Wall Street’s best minds are falling over themselves to describe the cataclysms that would befall equities should Elizabeth Warren get elected. It’s a brand of analysis whose recent track record is abysmal.

The S&P 500 will plunge 25% if the Democrat becomes president, says Paul Tudor Jones, the hedge fund manager. Discovery Capital Management founder Rob Citrone says she’s “the single biggest risk for the market” and calculates the downside at up to 20%.

Billionaire Leon Cooperman told CNBC earlier this month that the market would drop 25% if Warren or Bernie Sanders win.

That’s a lot of certainty to attach to predictions Wall Street has shown no ability to get right in the past. The confidence sounds particularly rich considering what investors said about the man Warren aims to dethrone, Donald Trump.

“Strategists predicting the impact of a presidential election are worse than the pollsters,” Matt Maley, equity strategist at Miller Tabak + Co., said by phone. “It’s one of the best contrary indicators out there.”

© Copyright 2021 Bloomberg News. All rights reserved.


InvestingAnalysis
Wall Street's best minds are falling over themselves to describe the cataclysms that would befall equities should Elizabeth Warren get elected.
street, strategists, wrong, presidents, market
167
2019-17-30
Wednesday, 30 October 2019 08:17 AM
Newsmax Media, Inc.
 
Newsmax TV Live
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved