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Goldman Sachs and Wells Fargo: Bullish investors are "delusional"

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It's rare to hear wise words spoken on Wall Street... Is this a dream? David Kostin, the chief US investment guru for Goldman Sachs, expects the S&P 500 index of Wall Street equities to plummet a further 15pc over the "near term" as companies scramble to lower their outlook for this year. "Although only a few firms have reported first quarter results, early signs are awful. We expect a swath of lowered profit guidance," he said in a research note published today, entitled 'Fasten Seatbelts'. Scott Anderson, chief economist at Wells Fargo, is equally pessimistic, describing the bullish views of some market players as "bordering on delusional". "The equity markets have not yet priced in a prolonged downturn in economic growth in my opinion. ...

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