"Dr. Doom" Said the "Bloodbath Is Likely to Continue" and Warned of Tens of Trillions in Losses. The S&P 500 Then Gained 53% in Two Years.

Roubini earned his "Dr. Doom" nickname by correctly predicting the 2008 financial crisis when others laughed at him. So when he writes in Project Syndicate that humanity is entering a "mega-threatened age" where markets face apocalyptic losses, people tend to listen. In November 2023, with the S&P 500 around 4,500, he declared the market was operating in an "everything bubble" and that the bloodbath would continue for a decade. He warned of geopolitical tensions, AI threats, deglobalization, and even wrote that "human survival is at risk." What actually happened? The S&P 500 proceeded to gain 25% in 2024 and had already gained 26% in 2023 — consecutive years above 20% that have only happened a handful of times in market history. Instead of losing tens of trillions, investors added roughly $15 trillion in market cap. Sometimes being right once makes you permanently wrong.