How a Chat With Chuck Schwab Inspired an S&P 500 Call for 3,950
- BTIG’s Julian Emanuel sees possibility for 25% gain in 2020
- Zero-fee trading could fuel public participation, he says
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In a recent surprise encounter, BTIG’s Julian Emanuel met Charles Schwab. It took just 20 minutes of chatting for the finance legend to spur a bold call from the Wall Street strategist: A 25% gain for stocks in 2020.
It’s not his base case, but BTIG’s chief equity and derivatives strategist says it’s possible that the S&P 500 Index surges to 3,950 next year, driven in part by the fee war that’s swept the asset management industry. It was just after Charles Schwab Corp. cut commissions to zero when Emanuel and the brokerage’s founder met.