Bearish in a Bull Market

Morgan Stanley strategist Mike Wilson finally capitulated and apologized for getting the market wrong the last nine months. He was everyone’s favorite analyst in 2022. King of the Bears. I haven’t seen that much drooling over a strategist since Abby Joseph Cohen in 1999.

We all live long enough to see our reputations ruined.

Ruined? Yes, ruined. If you’re bearish from 3,500 to 4,400 in the SPX (a 25% move), then you’re dead-balls wrong. Not only that, but he was also noisy and wrong. So much bravado. He’s got the big L stapled to his forehead.

Now, I don’t know Mike Wilson personally, and I’m sure being wrong on the stock market doesn’t diminish his stature as a human being, but sometimes you can be a little too sure of yourself.