"Dr. Doom" Called the Stock Market "Deluding Itself." The Market Then Rallied 55%.

Ah, Dr. Doom. The man who famously predicted the 2008 financial crisis has been dining out on that one call ever since—while racking up an impressive losing streak on subsequent predictions.

In June 2020, with the S&P 500 at around 3,100 after its COVID crash recovery, Roubini declared in Der Spiegel that investors were "deluding" themselves. He predicted unemployment would stay at 16-17% (it dropped to 4% by end of 2021), that the economy would still be below pre-pandemic levels by late 2021 (it exceeded them), and that there would be no V-shaped recovery (there was).

The S&P 500 by end of 2021? About 4,800. That's a 55% gain from when Roubini was warning everyone they were being fooled.

To be fair, Roubini has correctly predicted approximately 12 of the last 2 recessions. When you're permanently bearish, you eventually get to say "I told you so"—you just might have to wait a decade or two.