JPMorgan's top strategist called out Icahn, Soros and other 'Armageddonists' who fuel recession fears | Markets Insider

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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Source: MarketWatch - 🏆 3. / 97 Read more »