Citi's Levkovich Admits "Significant" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target

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Citi's Levkovich Admits "Significant" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target

zerohedge2021-09-02

Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets. Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...

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woonws
·2021-09-02
Dont think anyone is any wiser on where we will head next, being in uncharted waters...
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kenong62
·2021-09-02
Please likeThanks
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4
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- Dteg:
  thanks
  2021-09-02
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Sap
·2021-09-02
Keep dreaming,gen z is in the market stop driving by looking in the rear view mirror
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Heng08
·2021-09-02
K
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3
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RahayuYunus
·2021-09-02
Like me pls. Mission. Tq
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8
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- JeremyKok:
  hi. please like and comment back. thank you.
  2021-09-03
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- kenong62:
  done
  2021-09-02
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JoelLee
·2021-09-02
Reply and comment pls thx!
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6
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- JeremyKok:
  hi. please like and comment back. thank you.
  2021-09-03
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- CW8:
  Commented
  2021-09-02
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- superduper:
  Ok
  2021-09-02
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LohYK
·2021-09-02
I would love that.... But I dun think it will happen
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Vanillin
·2021-09-02
I hope he gets to keep his job.. and we will have some good bargains
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- Vanillin:
  ??
  2021-09-03
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- BlueDaisy:
  Ya... It will be nice to have some meaningful corrections along the way
  2021-09-02
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KeeBoonTong
·2021-09-02
Lalalala
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3
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- KeeBoonTong:
  lalala
  2021-09-02
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- WenJieChan:
  [微笑]
  2021-09-02
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meowmeow88
·2021-09-02
funny how a bear has been battered into submission
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1
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Mb76
·2021-09-02
K
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5
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Theme
·2021-09-02
Will watch what Citi says.
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Sing2me
·2021-09-02
Like n comment
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- JeremyKok:
  hi. please like and comment back. thank you.
  2021-09-03
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SaveHK
·2021-09-02
Doubt it highly.?
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2
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- Sing2me:
  Like
  2021-09-02
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Ricky99
·2021-09-02
Like
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- RahayuYunus:
  Like me pls. Mission. Tq
  2021-09-02
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kimming
·2021-09-02
wow
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3
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JTWealth
·2021-09-02
Good read
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jojotay
·2021-09-02
Good post
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- Gigachad:
  ?
  2021-09-02
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Jacky88
·2021-09-02
Always hit high
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4
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- Gigachad:
  ?
  2021-09-02
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Dave Fu
·2021-09-02
Steady
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His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":812588322,"gmtCreate":1630594526266,"gmtModify":1676530352214,"author":{"id":"3581999478634265","authorId":"3581999478634265","name":"woonws","avatar":"https://static.tigerbbs.com/f26ed1a10ee84ab97229aad191ef3133","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581999478634265","authorIdStr":"3581999478634265"},"htmlText":"Dont think anyone is any wiser on where we will head next, being in uncharted waters...","listText":"Dont think anyone is any wiser on where we will head next, being in uncharted waters...","text":"Dont think anyone is any wiser on where we will head next, being in uncharted waters...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812588322","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812179275,"gmtCreate":1630569027097,"gmtModify":1676530342699,"author":{"id":"3574928367638029","authorId":"3574928367638029","name":"kenong62","avatar":"https://static.tigerbbs.com/37fd00bd8cea11b8aa1aed6d9ddd9413","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574928367638029","authorIdStr":"3574928367638029"},"htmlText":"Please likeThanks","listText":"Please likeThanks","text":"Please likeThanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812179275","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5729088,"gmtCreate":1630574667598,"gmtModify":1663233277147,"authorId":3554440412355766,"author":{"id":3554440412355766,"idStr":"3554440412355766","authorId":3554440412355766,"name":"Dteg","avatar":"https://static.tigerbbs.com/60745adc596fd894453f5e2d922e1a3a","vip":1,"currentWearingBadge":{"badgeId":"23f878ed27704312ae41c7f17e73b319-1","templateUuid":"23f878ed27704312ae41c7f17e73b319","name":"Annualised return","description":"Top 50%","bigImgUrl":"https://community-static.tradeup.com/news/ffa0ed2850aef35663a435f4fb24f40c","smallImgUrl":"https://community-static.tradeup.com/news/4f67f095c241bed7b45d41ed5b78dd58","grayImgUrl":"https://community-static.tradeup.com/news/01339d2a5c822a77e0c581ef8f959d81","redirectLinkEnabled":0,"redirectLink":"https://www.tigerbrokers.com.sg/activity/market/2023/stock-contest?adcode=StockContest2023","hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.07.02","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":5300},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812179275,"type":1,"supId":0,"prevId":0,"content":"thanks","text":"thanks","html":"thanks"}],"langContent":"EN"},{"id":812167163,"gmtCreate":1630565540352,"gmtModify":1676530341826,"author":{"id":"3559283513621894","authorId":"3559283513621894","name":"Sap","avatar":"https://static.tigerbbs.com/2a00e2718679bd499f27764a78342e5c","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"3559283513621894","authorIdStr":"3559283513621894"},"htmlText":"Keep dreaming,gen z is in the market stop driving by looking in the rear view mirror&nbsp;","listText":"Keep dreaming,gen z is in the market stop driving by looking in the rear view mirror&nbsp;","text":"Keep dreaming,gen z is in the market stop driving by looking in the rear view mirror","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812167163","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812114409,"gmtCreate":1630563027501,"gmtModify":1676530341221,"author":{"id":"4088201880010570","authorId":"4088201880010570","name":"Heng08","avatar":"https://community-static.tradeup.com/news/505153f04c3a6654891a2cb833a63f89","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4088201880010570","authorIdStr":"4088201880010570"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812114409","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812113854,"gmtCreate":1630562068478,"gmtModify":1676530341084,"author":{"id":"3586421282114814","authorId":"3586421282114814","name":"RahayuYunus","avatar":"https://static.tigerbbs.com/f090b1fb91971d5b3c18b57325ae8487","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3586421282114814","authorIdStr":"3586421282114814"},"htmlText":"Like me pls. Mission. Tq","listText":"Like me pls. Mission. Tq","text":"Like me pls. Mission. Tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/812113854","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5733998,"gmtCreate":1630618573624,"gmtModify":1663233299742,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812113854,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."},{"id":5728357,"gmtCreate":1630569015238,"gmtModify":1663233276246,"authorId":3574928367638029,"author":{"id":3574928367638029,"idStr":"3574928367638029","authorId":3574928367638029,"name":"kenong62","avatar":"https://static.tigerbbs.com/37fd00bd8cea11b8aa1aed6d9ddd9413","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812113854,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"EN"},{"id":812133070,"gmtCreate":1630560732790,"gmtModify":1676530340841,"author":{"id":"3579882572140125","authorId":"3579882572140125","name":"JoelLee","avatar":"https://static.tigerbbs.com/e1f6c92b13d94cba61906c07dbbb2ab6","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":1,"crmLevelSwitch":1,"idStr":"3579882572140125","authorIdStr":"3579882572140125"},"htmlText":"Reply and comment pls thx!","listText":"Reply and comment pls thx!","text":"Reply and comment pls thx!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/812133070","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5734000,"gmtCreate":1630618587655,"gmtModify":1663233298360,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812133070,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."},{"id":5729189,"gmtCreate":1630575534309,"gmtModify":1663233281542,"authorId":3578367364626693,"author":{"id":3578367364626693,"idStr":"3578367364626693","authorId":3578367364626693,"name":"CW8","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812133070,"type":1,"supId":0,"prevId":0,"content":"<u>Commented</u>","text":"<u>Commented</u>","html":"<u>Commented</u>"},{"id":5727697,"gmtCreate":1630561622315,"gmtModify":1663233271843,"authorId":3581550518409224,"author":{"id":3581550518409224,"idStr":"3581550518409224","authorId":3581550518409224,"name":"superduper","avatar":"https://static.tigerbbs.com/04a121c70123b41a7011f9ec45096505","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812133070,"type":1,"supId":5727575,"prevId":0,"content":"<u>Ok</u>","text":"<u>Ok</u>","html":"<u>Ok</u>"},{"id":5727575,"gmtCreate":1630560745692,"gmtModify":1635133011731,"authorId":3579882572140125,"author":{"id":3579882572140125,"idStr":"3579882572140125","authorId":3579882572140125,"name":"JoelLee","avatar":"https://static.tigerbbs.com/e1f6c92b13d94cba61906c07dbbb2ab6","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.08","exceedPercentage":"80.04%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":1,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812133070,"type":1,"supId":0,"prevId":0,"content":"Ajajahahhaahaj","text":"Ajajahahhaahaj","html":"Ajajahahhaahaj"}],"langContent":"EN"},{"id":812193730,"gmtCreate":1630559818320,"gmtModify":1676530340511,"author":{"id":"3568070265339857","authorId":"3568070265339857","name":"LohYK","avatar":"https://static.tigerbbs.com/d6add0343094f5e965e831fa432314ef","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":8,"crmLevelSwitch":1,"idStr":"3568070265339857","authorIdStr":"3568070265339857"},"htmlText":"I would love that.... But I dun think it will happen","listText":"I would love that.... But I dun think it will happen","text":"I would love that.... But I dun think it will happen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812193730","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812347345,"gmtCreate":1630557119087,"gmtModify":1676530339864,"author":{"id":"3572310408162611","authorId":"3572310408162611","name":"Vanillin","avatar":"https://static.tigerbbs.com/57da3673038af147111405348d5fa098","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3572310408162611","authorIdStr":"3572310408162611"},"htmlText":"I hope he gets to keep his job.. and we will have some good bargains&nbsp;","listText":"I hope he gets to keep his job.. and we will have some good bargains&nbsp;","text":"I hope he gets to keep his job.. and we will have some good bargains","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/812347345","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5733363,"gmtCreate":1630601484397,"gmtModify":1663233296330,"authorId":3572310408162611,"author":{"id":3572310408162611,"idStr":"3572310408162611","authorId":3572310408162611,"name":"Vanillin","avatar":"https://static.tigerbbs.com/57da3673038af147111405348d5fa098","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.26","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812347345,"type":1,"supId":5729003,"prevId":0,"content":"??","text":"??","html":"??"},{"id":5729003,"gmtCreate":1630573854047,"gmtModify":1635132907248,"authorId":3582677971530678,"author":{"id":3582677971530678,"idStr":"3582677971530678","authorId":3582677971530678,"name":"BlueDaisy","avatar":"https://static.tigerbbs.com/0747094283743978b62fb8b1ee2cf44c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812347345,"type":1,"supId":0,"prevId":0,"content":"Ya... It will be nice to have some meaningful corrections along the way","text":"Ya... It will be nice to have some meaningful corrections along the way","html":"Ya... It will be nice to have some meaningful corrections along the way"}],"langContent":"EN"},{"id":812344235,"gmtCreate":1630557076427,"gmtModify":1676530339847,"author":{"id":"3578717603960999","authorId":"3578717603960999","name":"KeeBoonTong","avatar":"https://static.tigerbbs.com/815864515bc02d554ba00b04f5f46a1a","vip":1,"hat":"https://static.tigerbbs.com/6444b4970948c1077534c593eccd6d16","crmLevel":4,"crmLevelSwitch":1,"idStr":"3578717603960999","authorIdStr":"3578717603960999"},"htmlText":"Lalalala","listText":"Lalalala","text":"Lalalala","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/812344235","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5727068,"gmtCreate":1630557082452,"gmtModify":1663233269440,"authorId":3578717603960999,"author":{"id":3578717603960999,"idStr":"3578717603960999","authorId":3578717603960999,"name":"KeeBoonTong","avatar":"https://static.tigerbbs.com/815864515bc02d554ba00b04f5f46a1a","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.02.09","exceedPercentage":"60.31%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812344235,"type":1,"supId":0,"prevId":0,"content":"<u>lalala</u>","text":"<u>lalala</u>","html":"<u>lalala</u>"},{"id":5727112,"gmtCreate":1630557501408,"gmtModify":1663233269243,"authorId":3572242831702290,"author":{"id":3572242831702290,"idStr":"3572242831702290","authorId":3572242831702290,"name":"WenJieChan","avatar":"https://static.tigerbbs.com/53ef4172b753c018b9380f43f496ab73","vip":1,"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812344235,"type":1,"supId":5727068,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"EN"},{"id":812344013,"gmtCreate":1630557024332,"gmtModify":1676530339839,"author":{"id":"4091674547333280","authorId":"4091674547333280","name":"meowmeow88","avatar":"https://static.tigerbbs.com/b9e0c95f88993b5f06fcd816677a1a2f","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"4091674547333280","authorIdStr":"4091674547333280"},"htmlText":"funny how a bear has been battered into submission","listText":"funny how a bear has been battered into submission","text":"funny how a bear has been battered into submission","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812344013","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812346517,"gmtCreate":1630556791739,"gmtModify":1676530339785,"author":{"id":"4087701475296490","authorId":"4087701475296490","name":"Mb76","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087701475296490","authorIdStr":"4087701475296490"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812346517","repostId":1110833427,"repostType":2,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812348792,"gmtCreate":1630556719116,"gmtModify":1676530339761,"author":{"id":"3581549237814895","authorId":"3581549237814895","name":"Theme","avatar":"https://static.tigerbbs.com/8d589f20e0a3a44c380a2aacfda4272b","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3581549237814895","authorIdStr":"3581549237814895"},"htmlText":"Will watch what Citi says.","listText":"Will watch what Citi says.","text":"Will watch what Citi says.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812348792","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812341326,"gmtCreate":1630556609665,"gmtModify":1676530339721,"author":{"id":"3571448024288156","authorId":"3571448024288156","name":"Sing2me","avatar":"https://static.tigerbbs.com/f485854808e05893440cba75ca2a8b6a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3571448024288156","authorIdStr":"3571448024288156"},"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812341326","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5734003,"gmtCreate":1630618613878,"gmtModify":1635132550362,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812341326,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."}],"langContent":"EN"},{"id":812349493,"gmtCreate":1630556475212,"gmtModify":1676530339689,"author":{"id":"3570678493691973","authorId":"3570678493691973","name":"SaveHK","avatar":"https://static.tigerbbs.com/89b74f5799a23844400ed6de94296d38","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3570678493691973","authorIdStr":"3570678493691973"},"htmlText":"Doubt it highly.?","listText":"Doubt it highly.?","text":"Doubt it highly.?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812349493","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5726993,"gmtCreate":1630556600958,"gmtModify":1663233269239,"authorId":3571448024288156,"author":{"id":3571448024288156,"idStr":"3571448024288156","authorId":3571448024288156,"name":"Sing2me","avatar":"https://static.tigerbbs.com/f485854808e05893440cba75ca2a8b6a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812349493,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"EN"},{"id":812349016,"gmtCreate":1630556350835,"gmtModify":1676530339666,"author":{"id":"3586066944717852","authorId":"3586066944717852","name":"Ricky99","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3586066944717852","authorIdStr":"3586066944717852"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812349016","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5727743,"gmtCreate":1630562114037,"gmtModify":1663233273743,"authorId":3586421282114814,"author":{"id":3586421282114814,"idStr":"3586421282114814","authorId":3586421282114814,"name":"RahayuYunus","avatar":"https://static.tigerbbs.com/f090b1fb91971d5b3c18b57325ae8487","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812349016,"type":1,"supId":0,"prevId":0,"content":"Like me pls. Mission. <u>Tq</u>","text":"Like me pls. Mission. <u>Tq</u>","html":"Like me pls. Mission. <u>Tq</u>"}],"langContent":"EN"},{"id":812357505,"gmtCreate":1630556235407,"gmtModify":1676530339643,"author":{"id":"3574243629744436","authorId":"3574243629744436","name":"kimming","avatar":"https://static.tigerbbs.com/80d0933df3263cb4c98abfd83c9eb96b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574243629744436","authorIdStr":"3574243629744436"},"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812357505","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812354412,"gmtCreate":1630556184636,"gmtModify":1676530339619,"author":{"id":"3585005453956722","authorId":"3585005453956722","name":"JTWealth","avatar":"https://static.tigerbbs.com/b210c979fe489ad571406208c0ccd5d9","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3585005453956722","authorIdStr":"3585005453956722"},"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812354412","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":812399743,"gmtCreate":1630550644682,"gmtModify":1676530337838,"author":{"id":"3577921698084479","authorId":"3577921698084479","name":"jojotay","avatar":"https://static.tigerbbs.com/c4d0b8e980a43f142db4742d668b6d86","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577921698084479","authorIdStr":"3577921698084479"},"htmlText":"Good post","listText":"Good post","text":"Good post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812399743","repostId":1110833427,"repostType":2,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5726076,"gmtCreate":1630551263260,"gmtModify":1663233264427,"authorId":3576371892942792,"author":{"id":3576371892942792,"idStr":"3576371892942792","authorId":3576371892942792,"name":"Gigachad","avatar":"https://static.tigerbbs.com/364a97d9d654c75693bbd29342d265f9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812399743,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"},{"id":812928150,"gmtCreate":1630547620870,"gmtModify":1676530336550,"author":{"id":"3585220138479817","authorId":"3585220138479817","name":"Jacky88","avatar":"https://static.tigerbbs.com/0c8185adf4cd2defd3149d7cea10b56c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585220138479817","authorIdStr":"3585220138479817"},"htmlText":"Always hit high","listText":"Always hit high","text":"Always hit high","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/812928150","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5726078,"gmtCreate":1630551270522,"gmtModify":1663233264342,"authorId":3576371892942792,"author":{"id":3576371892942792,"idStr":"3576371892942792","authorId":3576371892942792,"name":"Gigachad","avatar":"https://static.tigerbbs.com/364a97d9d654c75693bbd29342d265f9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":812928150,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"},{"id":812911402,"gmtCreate":1630546188706,"gmtModify":1676530335730,"author":{"id":"3582630305022272","authorId":"3582630305022272","name":"Dave Fu","avatar":"https://community-static.tradeup.com/news/7a2df364abb41de8f63f90de07d486d5","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1,"idStr":"3582630305022272","authorIdStr":"3582630305022272"},"htmlText":"Steady&nbsp;","listText":"Steady&nbsp;","text":"Steady","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812911402","repostId":1110833427,"repostType":4,"repost":{"id":"1110833427","kind":"news","pubTimestamp":1630545932,"share":"https://ttm.financial/m/news/1110833427?lang=&edition=fundamental","pubTime":"2021-09-02 09:25","market":"us","language":"en","title":"Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1110833427","media":"zerohedge","summary":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets","content":"<p>Last Friday, Powell's&nbsp;unexpectedly&nbsp;dovish Jackson Hole speech sparked another melt-up in risk assets.</p>\n<p>Ahead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a&nbsp;euphoria on Wall Street&nbsp;and how markets&nbsp;resemble 1999. His year-end equity call for the S&amp;P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.</p>\n<p>Levkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/233e706438c7821d08da6e99c1d003cd\" tg-width=\"1161\" tg-height=\"514\" referrerpolicy=\"no-referrer\">Supporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"</p>\n<p>As shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.</p>\n<p><img src=\"https://static.tigerbbs.com/b7032afec5da466f9c8d247282d9d16a\" tg-width=\"1068\" tg-height=\"783\" referrerpolicy=\"no-referrer\">Besides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.</p>\n<p><b><i>\"Caution that proves to be wrong can cost one a career,\"</i></b><i>Levkovich told clients in a note last week, quoted by Bloomberg.</i><b><i>\"Nevertheless, we feel compelled to stand by our analytical process.\"</i></b></p>\n<p>In term's of valuations,&nbsp;Levkovich is right - equities are way overvalued compared to historical norms.</p>\n<p><img src=\"https://static.tigerbbs.com/a9b9f65689e75f8a52c80370d0a8ccf2\" tg-width=\"1151\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Levkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.</p>\n<blockquote>\n <i>\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"</i>\n</blockquote>\n<p>Mike Wilson, the chief U.S. equity strategist at&nbsp;Morgan Stanley,&nbsp;is in the same camp as Levkovich, who expects a 10%+ S&amp;P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&amp;P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&amp;P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionally<i><b>represent a slowing economy.</b></i>In other words, stocks will rise because the economy will slow from here. Just brilliant.</p>\n<p>Here's where the&nbsp;equity strategist stand with their S&amp;P 500 year-end targets.</p>\n<p><img src=\"https://static.tigerbbs.com/8592b798abc81df38132b731c86a756b\" tg-width=\"641\" tg-height=\"509\" referrerpolicy=\"no-referrer\">And before one mock either of the strategists, it's worth reminding that this market remains a<s>joke</s>\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti's Levkovich Admits \"Significant\" Mistakes In Bearish S&P Call, But Sticks With 4,000 Year-End Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-02 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/citis-levkovich-tells-clients-significant-mistakes-bearish-sp-500-call-sticks-4000-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110833427","content_text":"Last Friday, Powell's unexpectedly dovish Jackson Hole speech sparked another melt-up in risk assets.\nAhead of the latest rally, Wall Street's most bearish strategists such as Citigroup's top strategist Tobias Levkovich, had issued multiple dire warnings about a euphoria on Wall Street and how markets resemble 1999. His year-end equity call for the S&P 500 is 4,000 but has been forced to acknowledge in a note to clients he's made \"significant\" mistakes in his prediction.\nLevkovich is still holding to his guns and predicting the benchmark will end this year at 4,000 before reaching 4,350 by June 2022.\nSupporting Levkovich's bearish views are striking \"parallels between current conditions and those of 1999.\"\nAs shown in Panic/Euphoria Model - which considers factors including the number of investor positions anticipating a fall in stocks, levels have exceeded the Dot Com period.\nBesides stock market euphoria, stretched valuations, and a planned tax increase will deteriorate corporate profits, there have been other reasons for Levkovich's bearishness.\n\"Caution that proves to be wrong can cost one a career,\"Levkovich told clients in a note last week, quoted by Bloomberg.\"Nevertheless, we feel compelled to stand by our analytical process.\"\nIn term's of valuations, Levkovich is right - equities are way overvalued compared to historical norms.\nLevkovich added that crazed retail chasing any stock that moves amid unprecedented Federal Reserve bond-buying, suppressing volatility and enabling high amounts of speculation, could peak when the central bank is poised to rein in its asset purchases. Investors should expect multiples to come back in.\n\n\"We suspect that these items may not be drivers going forward and other factors including euphoric sentiment and stretched valuation become more impactful, offset to some degree by reinvigorated share repurchase programs,\" he said. \"The stock market needs to consolidate the past 18 months' worth of gains and portfolio managers require more visibility into 2022 profits.\"\n\nMike Wilson, the chief U.S. equity strategist at Morgan Stanley, is in the same camp as Levkovich, who expects a 10%+ S&P 500 correction. Two weeks ago, Wilsonreluctantly raised his S&P price targetto 4,000 from 3,900. Meanwhile, Goldman's David Kostin is on the opposite side of the bet, last month hiking his year-end S&P price target from 4300 to 4,700, up about 7% from here, justifying his optimism byunexpectedly low bond yields which traditionallyrepresent a slowing economy.In other words, stocks will rise because the economy will slow from here. Just brilliant.\nHere's where the equity strategist stand with their S&P 500 year-end targets.\nAnd before one mock either of the strategists, it's worth reminding that this market remains ajoke\"mystery\" to all: as Steve Chiavarone, a portfolio manager and head of multi-asset solutions at Federated Hermes,told Bloomberglast week, “If someone would have told me in March of last year, when Covid was first rearing its ugly head, that 18 months later we would have case counts that are as high—if not higher—than they were on that day, but that the market would have doubled over that 18-month period, I would have laughed at them.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{}}