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In December 2007 Abby Joseph Cohen predicted the S&P 500 index would reach 1,675 in 2008. The S&P 500 traded as low as 741.02 by November 2008, 55% below her prediction.
On March 8, 2008 Goldman Sachs announced that Abby Joseph Cohen was being replaced by David Kostin as the bank's chief forecaster.
Reply to @fundalarm: I remember it also, but I wanted to use the actual numbers rather than say Cohen's predictions were garbage in 2008. I take them with many grains of salt in 2013 too!
Comments
That would be a no.
In December 2007 Abby Joseph Cohen predicted the S&P 500 index would reach 1,675 in 2008. The S&P 500 traded as low as 741.02 by November 2008, 55% below her prediction.
On March 8, 2008 Goldman Sachs announced that Abby Joseph Cohen was being replaced by David Kostin as the bank's chief forecaster.
But she means well...
My favorite was Meredith Whitney causing a mad rush out of muni's on "60 Minutes" . The pearls add a nice touch.