After Decades Of Bad Calls, Goldman Economist Retires
Sunday, March 18, 2001
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Title : After Decades Of Bad Calls, Goldman Economist Retires
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Economist Abby Joseph Cohen is retiring afterwards xxx years at Goldman Sachs.
She began her career inward revolving door crony fashion. Her starting fourth dimension terminate every bit an economist was inward 1973 at the Federal Reserve Board inward Washington, D.C., serving until 1977. After diverse fry stints at diverse Wall Street firms, she joined Goldman every bit a vice president in addition to co-chair of the Investment Policy Committee inward 1990 and was named a managing manager inward 1996 in addition to a partner inward 1998.
Dealbreaker breaks the intelligence on her abysmal forecasting runway tape at Goldman:
-RW
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Title : After Decades Of Bad Calls, Goldman Economist Retires
After Decades Of Bad Calls, Goldman Economist Retires
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| Abby Joseph Cohen |
She began her career inward revolving door crony fashion. Her starting fourth dimension terminate every bit an economist was inward 1973 at the Federal Reserve Board inward Washington, D.C., serving until 1977. After diverse fry stints at diverse Wall Street firms, she joined Goldman every bit a vice president in addition to co-chair of the Investment Policy Committee inward 1990 and was named a managing manager inward 1996 in addition to a partner inward 1998.
Dealbreaker breaks the intelligence on her abysmal forecasting runway tape at Goldman:
Cohen [spent] the final 2 decades existence incorrect almost most things.That's what happens when you lot don't sympathize Austrian Business Cycle Theory, you lot retire alongside Dealbreaker bashing you. She literally had no clue every bit to what was going on inward the economy.
– Later inward 1999, she noted that the market’s big gains could non boot the bucket on indefinitely, in addition to advised clients to “take a trivial fleck off the table,” projecting a moderating increment rate. Of course, the marketplace was non moderating, alongside the S&P 500 upward nearly 20% that year.
– In 2000, she predicted the S&P 500 would rising 8-10%, based on expectations of rigid lucre in addition to economical growth. Instead, alongside the dot-com bubble bursting, the index roughshod 9.5%.
– In 2008, she missed the alert signs of the fiscal crisis (to endure fair, simply almost everyone did). She predicted that the S&P 500 would striking 1675 inward 2008. It shut at 903, nearly 50% off from her prediction. After that, she was replaced every bit Goldman’s senior forecaster yesteryear David Kostin
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