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October 30, 2023 at 02:54 PM
Related: Gary Shilling: 8 Market, Economic Predictions for Year-End and Beyond
Stocks remain expensive by many measures despite the recent 11% slide in the S&P 500 index, economist and investment advisor A. Gary Shilling noted in his Insight newsletter for November, released Monday.
With Shilling’s total peak-to-trough forecast for a 40% decline from the January 2022 peak, the stock market would drop 30% from its current level, he wrote.
“That would be a shock to many, including state and local pension funds that have 56% of their assets in stocks,” Shilling said. “Already, the endowments of major schools such as MIT, Stanford, Yale, and Duke are flat to down in the last fiscal year ended June 30 — as their growth and venture capital investments had weak returns for the second consecutive year.”
Shilling, who continues to recommend a “risk off” investing stance that includes selling or shorting stocks and going long on the U.S. dollar and Treasury bonds, cited eight “significant drags” on the U.S. economy and financial markets. Check out the slideshow for details.
Slideshow
