Wall Street's "Most Bearish Strategist" Predicted a 32% Crash to S&P 3,750 in 2025. The Index Rallied 17% to All-Time Highs Instead.

Berezin, crowned by financial media as the most bearish strategist on Wall Street, laid out an elaborate thesis for why the S&P 500 would plunge 32% to 3,750 by 2025. His reasoning was methodical: the Fed would "drag its feet" on rate cuts, a negative feedback loop would develop, consumers would build "precautionary savings," and credit availability would dry up. He even cited declining job openings and the quits rate as harbingers of doom.

What actually happened? The Fed did cut rates. The economy did not collapse. The labor market remained resilient. And the S&P 500? It gained 17% in 2025 alone — its third consecutive year of double-digit returns — and closed the year near 6,550. Instead of the apocalyptic 3,750, investors got all-time highs.

Perhaps most painful: the bull market that began in October 2022 has now delivered over 100% total returns. Berezin's clients who listened would have missed nearly all of it.