Jan 5, 2009

Byron Wien forecasts a 33% rise in the S&P 500 for 2009

In anticipation of a second-half recovery in the U.S. economy, the market improves from a base of investor despondency and hedge fund and mutual fund withdrawals. The mantra changes from ‘fortunes have been lost’ to ‘fortunes can still be made.’

~ Byron Wien, 75-year-old chief market strategist at Pequot Capital Management, "Pequot Capital’s Wien Sees Rallies in Stocks, Oil, Gold in 2009," Bloomberg, January 5, 2009, by Elizabeth Stanton

(Wien forecast the S&P 500 will rise to 1,200 in his 24th annual “10 Surprises” list. He also predicted gold will rise to $1,200 an ounce and oil will rebound to $80 a barrel.)

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