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That’s A. Gary Shilling, longtime economist and president of A. Gary Shilling & Co., again delivering a gloomy take on what’s next in a recent CNBC interview.
“Stocks are [behaving] very much like that rebound in 1929 where there is absolute conviction that the virus will be under control and that massive monetary and fiscal stimuli will reinvigorate the economy,” he said, adding that the market could drop as much as 40% over the next year.
So where should investors park their cash in this climate?
“I think we’re going to see downward pressure on prices and that works to the advantage of Treasury bonds TMUBMUSD10Y, 0.673%, which have been my favorite since 1981,” he said.
Shilling laid out his prediction in more detail earlier this year, explaining in a Bloomberg News op-ed that while many economists are looking for a V-shaped, or quick, rebound to deliver a sharp recovery in the second half of the year, he remains much more skeptical.
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Legendary Analyst Picks #1 Stock of 2020
Most people will go their whole lives without capturing a 1,000% gain in stocks.
But one man from rural PA may have cracked the code.
11 years ago, millionaire early stage investor Matt McCall shared some of his first recommendations with the public, live on air.
The anchors laughed in his face…
Since then, McCall has built one of the greatest track records in the financial world.
He’s pinpointed dozens of stocks that went on to jump 100% or more.
Plus 18 recommendations that skyrocketed over 1,000%.
McCall just teamed up with one of the biggest names in finance to reveal the name and ticker symbol of what he predicts will be the best-performing stock of 2020.