Kolanovic Got Booted as Street’s Last Bear. Now He Looks Right
- S&P 500 is down 5% since his departure from JPMorgan on July 3
- Wall Street pros buzzing about the timing of Kolanovic’s exit
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With stocks clawing back from a deep sudden swoon, Wall Street is chattering about the market Cassandra who warned that this would happen, until it cost him his job: former JPMorgan Chase & Co. strategist Marko Kolanovic.
The celebrity bear’s abrupt departure from the banking behemoth on July 3 after a 19-year stint had finance pros wondering if it was a sign of a market top, since prominent pessimists are typically shown the door during market frenzies. Now he increasingly appears to be vindicated. And Wall Street is noticing, at least based on what traders and strategists are saying on social media and in emails and texts to reporters.