JPMorgan's top strategist called out Icahn, Soros and other 'Armageddonists' who fuel recession fears
JPMorgan's top investment strategist says that bearish markets and recession fears are in part fuelled by economists and money managers whose negative commentary adds to a spiral of decline.
Michael Cembalest, chairman of market and investment strategy at JPMorgan, said in a client note this week that claims by the likes of Carl Icahn, George Soros, and Paul Krugman helps fuel bear markets via"dire" headlines.
"Using rough math, a sustained, multi-year bear market with 35% to 45% declines from peak levels would be needed to reverse many of the opportunity losses shown in the chart."manages about $1.8 trillion in assets and is"responsible for leading the strategic market and investment insights across the firm's Institutional, Funds and Private Banking businesses." He's been at the bank for 32 years.
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