Here’s What Wall Street Bulls Were Saying In December 2007: Read And Take Cover!

David Stockman has a reminder for all of you bulls out there:

with the S&P 500 at 1460 and just off its all-time high in October, the dozen top Wall Street prognosticators surveyed by Barron’s anticipated still more index gains during 2008:

….. the dozen seers we’ve surveyed all have penciled in higher stock prices in 2008, although their estimated gains vary widely, from 3% to 18%. On average, the group sees the Standard & Poor’s 500 at 1,640 by the end of next year….

That 12% gain didn’t happen! The market ended 2008 in an altogether different place—–that is, about 45% lower at around 900. And, as is shown below, it still wasn’t done—- until the capitulation low was reached in early March 2009 at 675.

The "experts".