Miller Tabak's Chief Strategist Said S&P 4,000 Was "Not Out of the Question." Three Months Later It Hit All-Time Highs.

On April 8, 2025, with the S&P 500 cratering amid Trump's "Liberation Day" tariffs and the market down 17% from its February highs, Maley joined the chorus of strategists warning the bottom was nowhere in sight. He didn't just blame tariffs — he invoked the sacred "back to fundamentals" argument, suggesting AI optimism was overblown and consumers were tapped out. The timing was immaculate: Trump paused the tariffs the very next day. By June 27, 2025, the S&P 500 hit new all-time highs. The index closed 2025 at 5,882 — roughly 47% above his worst-case scenario and 37% above his "very possible" target. The fundamentals, it turns out, were doing just fine.