Every year two investment titans—Blackstone vice chairman Byron Wien and TheStreet's Doug Kass—put out their annual prediction list.
Byron normally bears good tidings, with Doug bearing more, well, bearish ones. But this year both lists are looking pretty bleak.
"There will be no peace on earth in 2016, and our markets could lose a cushion of protection as valuations contract," Doug says in his “15 Surprises.”
Byron’s view looks about the same: “Stocks suffer from weak earnings, margin pressure (higher wages and no pricing power) and a price-earnings ratio contraction.”
Byron tells TheStreet that now the two see more eye-to-eye on the economy.
“His long-term view is coming to fruition and I've done a hairpin turn,” Byron says. [TheStreet]
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