The 10 Dumbest Analyst Calls of 2008
Michael Shulman, January 1, 2009
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- Some people got it right...
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"The big banks are going to be on life support for at least 18 months or 36 months. They won't fail, but they won't grow either for another two years."
First and foremost, then, now and in the future, Ms. Meredith Whitney of Oppenheimer. This brilliant (and brave) analyst issued a sell on Citigroup and said they would cut their dividend in late October of 2007. She received death threats for that call, and I met her a few days later when we appeared together on Fox Business the day the bank stocks broke. Citi was around $40 when she made her call -- it's now at $8 and headed to pocket change.
Today Whitney sees another downturn in bank stocks because they have little earnings power going forward and weak balance sheets. She also sees another 20% drop in home prices -- don’t bet against her.
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