There is no identifiable exogenous shock looming, but investing is about probabilities and I believe it is prudent to raise more cash, ... At some point I expect a correction of 10-20 percent.
"Byron Wien" is an American investor and vice chairman of Blackstone Advisory Partners, a subsidiary of The Blackstone Group.
More Byron Wien on Wikipedia.I am doing this because I think a strong case can be made for either set and because I think it is constructive to try something new.
This is a normal pullback.
My feeling is that these attacks on him are going to subside by the (end of the year), and my surprise is that the Clintons will enjoy Christmas 1997 with the highest popularity rating of any president since the 1950's.
Don't think I'm copping out. I'm committed to the positive set and if the year turns out negatively, I promise not to pull out the bearish surprises and say I had the right idea all along, but just went a little bit astray when I announced my bullish preference in January.
People are taking a much harder analytical look at these stocks and are deciding that there are better places to make money.
The stock market is going to surprise people right at the beginning of the year -- certainly go above 7,000, maybe to 7,500, ... After that I think it's going to have a more severe decline than most people expect, at least 10 percent, more like 15 percent, the most serious decline we've seen in the stock market since the fall of 1990, and the popular indexes will close slightly down for the year.
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