Is it just me, or has the permanently glum Nouriel Roubini become a softy? The good professor has received more accolades than any other analyst or economist for predicting the demise of market-based securities in 2008, never mind the horrific calls he made the following year:
- In April 2009, near Dow 7,950, Roubini predicted the markets would retest the March lows of Dow 6,500. They never did.
- In July 2009, near Dow 8,100, he described the market's run as nothing more than a bear rally. Yet the Dow rose 38% over the next nine months.
- In October, near 9,700, Roubini called for a bearish 10% to 20% pullback. Not only was he six months early, but the market's sell-off went to 9,700 from 11,200. The current cyclical low is essentially at the same spot where Roubini made his bearish call ... six months earlier. You can't be much more off than that.