New York
CNN
—
One of Wall Street’s top executives is worried about a repeat of 2008. At least, partially.
Mike Wilson, Morgan’s Stanley’s chief US equity strategist, says he isn’t concerned about a “systemic” financial crisis like the one that brought the economy to its knees 14 years ago. But Wilson is warning clients about a looming plunge in corporate profits next year as the economy stumbles.
“The earnings recession by itself could be similar to what transpired in 2008/2009,” the Morgan Stanley exec wrote in a report on Monday. “Our advice – don’t assume the market is pricing this kind of outcome until it actually happens.”
Corporate earnings help drive stock prices and a sharp drop could spell trouble for markets.
Wilson, a well-known market bear who has been credited with correctly…
