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Noted Wall St. bear bails
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February 14, 2002: 10:04 a.m. ET
A bear among bulls, J.P. Morgan's chief equity strategist Doug Cliggott resigns.
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NEW YORK (CNN/Money) - J.P. Morgan's chief equity strategist and notable Wall Street bear Douglas Cliggott will leave the firm at the end of the month to head up the first U.S. office of Swedish asset management firm Brummers & Partners, a J.P. Morgan client.
A bear in a time of bulls, Cliggott's calls have become all too prescient in recent months of stock declines.
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Douglas Cliggott | |
Questioning the capacity for the tapped-out consumer to revive the economy this year, Cliggott predicted zero-percent growth in earnings in 2002.
"Earnings are supposed to be up 10 percent by the second quarter of 2002 if you look at the consensus numbers," he told CNN/Money in a recent interview. "But our guess is that they'll be down about 10 percent by the second quarter of 2002."
Cliggott also said the Standard & Poor's 500 index will finish the year at 950, a sharp decline from its current level of 1,118.51.
As was first reported in the Wall Street Journal, Cliggott will establish and run the New York research office for Brummer, a Stockholm-based firm that manages $2 billion in assets. The office will be the company's first presence in the United States.
"My decision to leave J.P. Morgan was a personal one and not an easy one," Cliggott said in a statement released by J.P. Morgan early Thursday. The firm said it was sorry to see him leave, but respected his decision to spend more time with his family. Cliggott has three children under the age of 12. 
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