Veteran fund manager who predicted April rally updates S&P 500 forecast
The Wall Street veteran has a blunt take on the stock market.
It's been quite a rally.
After stocks were deeply oversold in early April following what President Donald Trump called his Liberation Day tariff reveal, the S&P 500 has posted rip-roaring returns, gaining 20% in about six weeks.
The rally caught many investors off guard. The potential for tariffs to increase inflation, zapping economic activity and corporate profitability, had sent stocks down 19%, just shy of bear-market territory.
One investor who wasn't surprised was the Wall Street veteran hedge fund manager Doug Kass.
