'This is not the end of the world': One of Wall Street's biggest bears says stocks will sputter this year but soar to record highs in 2024
and potentially even trade to the 3,000 level, which represents potential downside of 25%, he also expects an eventual recovery that investors should be prepared for.
"We're not that pessimistic. We think it is a cyclical bear market... we're believers in the future. We're pretty constructive on the capital expenditure cycle. We think technology will continue to be a big part of the US economy. We think the redistribution of income and wealth will be a big driver of the consumer," Wilson said.
All of that means the S&P 500 could trade above its prior record high of 4,800 within the next 18 months, probably sometime in 2024. "We're actually quite positive on 2024 and 2025 but we've still got to get through this valley," Wilson said, adding that the current risk/reward profile for stocks is less favorable than it was just a few weeks ago.
"We've done a lot of good work. The valuations have come down for the really speculative stuff," he said."I think we could see new highs sometime probably next year if everything sort of plays out the way that we think."
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