Morgan Stanley strategist steps down from committee after wrongly predicting degree of 2023 stock rally, but remains bearish overall
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Morgan Stanley's chief equity strategist Mike Wilson correctly predicted the 2022 stock market downturn, but was wrong about the degree of the 2023 rally.
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Wilson will step down as chair of Morgan Stanley's Global Investment Committee but remain chief US equity strategist and CIO.
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Wilson had forecast the S&P 500 to end 2023 at 3,900, but it closed near 4,800 instead, boosted by a tech rally.
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Some wonder if Wilson's change of duties could mark a contrarian signal, recalling strategist Charles Clough's 1999 exit before the dot-com bubble burst.
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However, Wilson will still serve institutional clients and forecasts a 2024 S&P 500 decline to 4,500, so he remains bearish overall.