Wall Street Needs Kolanovic’s Pluck Even If He’s Wrong
The celebrity JPMorgan strategist misjudged markets — but doesn't add to the research pile that says a lot without saying very much at all.
A little more fearless, a little less herding.
Photographer: Spencer Platt/Getty Images North AmericaThis year’s remarkable US equity rally has converted many market bears, but JPMorgan Chase & Co.’s Marko Kolanovic clearly isn’t one of them.
In a recent note, Kolanovic — who was incorrectly bullish in 2022 and bearish in 2023 — effectively doubled down on his latest out-of-consensus call, highlighting January data for consumer and producer price increases to warn that the market narrative risks taking a turn for “something like 1970s stagflation.” He said that could lead to a period of sustained underperformance for stocks, like the one that prevailed from 1967-1980.