Legendary forecaster Gary Shilling warns stocks could plunge 30% as recession looms
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Stocks could plunge 30% and a recession is imminent, warns legendary forecaster Gary Shilling.
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Shilling expects the S&P 500 to fall to around 2,900 points, its lowest since May 2020.
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He points to an inverted yield curve, weak indicators, and the Fed's inflation fight as signs of an impending recession.
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Shilling is betting on Treasuries and the dollar, and against stocks and commodities like copper.
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The biggest bubble he sees is in commercial real estate like offices and malls, which he says is starting to burst.