Page 184 - FlipBook BACK FROM SARAN - MAY 5 2020 - Don't Make Me Say I Told You So_6.14x9.21_v9_Neat

170 Don’t Make Me Say I Told You So

As Bob Veres of Morningstar put it: “They do incalculable
harm by telling millions of financial consumers that these things

can be predicted with confidence.

... If I knew how to make those calls, I’d head first for the
phone to invest in the winners, and the last place you’d find me
is blabbing about it on CNBC.” 2

What Are the Experts Saying?

At the end of December, 2018, over a dozen top Wall Street

strategists were asked to give their predictions for the closing
price of the S&P 500 at then end of 2019. Here are the results of

the survey:

Survey of Wall St. Banks - December, 2018
S&P 500 CLOSE ON
DECEMBER 31, 2018: 2,485
PLEASE REPLACE THIS WITH CHART #116 FORTUNE
Target
Organization
Implied Gain, 2019
MAGAZINE BLOOMBERG SURVEY - DECEMBER 31, 2018 - IT'S
Deuthsche Bank 3,250 12.23%
IN OUR SHARED DROPBOX FOLDER 10.36%
3,100
JP Morgan Chase
Barclays 3,000 8.49%
BMO 3,000 7.55%
Goldman Sachs 3,000 6.80%
CFRA 2,976 6.62%
Oppenheimer 2,960 6.62%
MEDIAN 2,932 17.98%
Credit Suisse 2,925 4.75%
BofA - Merrill Lynch 2,900 4.75%
Je ries 2,900 2.88%
RBC 2,900 2.88%
Citigroup 2,850 2.88%
Morgan Stanley 2,750 0.00%
UBS 2,650 -0.01%
ACTUAL CLOSE 12-31-2019 3,230 28.90%
Source: CNBC, Barron's, Bloomberg, December 2018, January 2019

Chapter 4: The Most Common Investor Mistakes