"While the most extreme froth has been wiped off the market, valuations are still nowhere near their long-term averages," the market historian and GMO cofounder said.
The veteran investor said the S&P 500 would most likely drop 23% to around 3,200 points this year or next, and spend some time below that level. He also suggested the index could plunge 50% in real terms from its peak at the start of 2022.Musk raised the prospect of a severe economic downturn during Tesla's latest earnings call, and warned fear could send stocks spiraling downward.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: