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The JPMorgan chief market strategist nicknamed \u201cGandalf\u201d who left the bank last month after criticism that he was too bearish wants you to know he was right all along.<\/p>\n
Marko Kolanovic, officially in between jobs<\/a> since August, has taken to social media<\/a> for the first time in years to spread word that the correction he foresaw this year is now playing out just as the theoretical physicist-turned-investment banker anticipated.<\/p>\n Posting links to articles from\u00a0Bloomberg<\/a><\/em>, the\u00a0Financial Time<\/em>\u00a0markets blog\u00a0Alphaville<\/a>\u00a0as well as European business dailies\u00a0Handelsblatt<\/a><\/em>\u00a0and\u00a0El Pa\u00eds<\/a><\/em>, Kolanovic\u2019s message\u2014even if he didn\u2019t spell it out\u2014was crystal clear: he was one step ahead of Wall Street yet again.<\/p>\n \u201cBig thank you for everyone who reached out, for all kind messages and support,\u201d he posted on LinkedIn<\/a> on Monday. adding people could now follow him on X<\/a> via the handle\u00a0@markoinny.<\/p>\n Since his departure at the start of July, the benchmark S&P 500 index dropped nearly 7% in the course of one month amid a confluence of factors. This included fresh recession jitters following the\u00a0July unemployment report<\/a>\u00a0as well as a\u00a0sharp appreciation in Japan\u2019s currency<\/a>\u00a0that forced hedge funds to unwind their\u00a0yen-funded carry trade<\/a>.<\/p>\n Best inverse indicator was Marko Kolanovic getting fired from JPMorgan Chase<\/a> as the last bear on Wall Street. Literally marked the top on the market. He will end up looking like a genius.<\/p>\n \u2014 Gareth Soloway (@GarethSoloway) August 6, 2024<\/a><\/p><\/blockquote>\n \u201cMarko got fired at the top of the market. Amazing,\u201d\u00a0wrote<\/a>\u00a0former Goldman Sachs<\/a> banker and chart technical analyst Helene Meisler on August 5th, a day that drew comparisons to 1987\u2019s Black Monday.\u00a0<\/p>\n Joining JPMorgan in 2008 as part of the notorious Bear Stearns acquisition, Kolanovic\u2019s track record was so stellar that a Bloomberg column referred to him as \u201cGandalf\u201d in 2015, while CNBC crowned him \u201chalf-man, half-god\u201d. Kolanovic\u2019s X profile even references his former star status.<\/p>\n He correctly predicted in early 2020 that the market would shake off the COVID pandemic and record fresh all-time highs that year at a time when few thought that was even remotely possible.<\/p>\n Handelsblatt<\/em>\u00a0blamed his sacking on Wall Street\u2019s penchant to outwardly admire contrarians for their strong convictions while simultaneously cultivating a repressive climate where swimming with the crowd is the safest bet for career advancement.<\/p>\n While Kolanovic incorrectly predicted a 2022 market rally when stocks ended up taking a dive sparked by the Fed\u2019s draconian interest rate hikes, the real mistake he made was to turn bearish when consensus opinion remained solidly bullish.<\/p>\n \u201cIt shouldn\u2019t surprise anyone that Kolanovic\u2019s downfall resulted not from his excessive optimism, but too much pessimism,\u201d the German business daily wrote. While clients are annoyed when bearish markets turn against them, \u201cthey become really angry when others profit from rising prices and they don\u2019t.\u201d<\/p>\n Whether Kolanovic wanted to use his social media posts to impress potential new employers is unclear. He did not respond to a\u00a0Fortune<\/em>\u00a0request for comment.\u00a0<\/p>\n<\/div>\n\n
Wall Street isn\u2019t kind to those swimming against the current<\/h2>\n
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