But when analyzing portfolio allocation he always has one simple question at the top of his mind: Do we see a recession coming?
Following dire market forecasts tends to cost investors bucketloads of money, but the appetite for pessimism porn is vast. JPMorgan figured it out.
He says he makes far out-of-the-money bets that cost little but deliver huge when it all comes crashing down.
“Stocks are priced expecting, requiring, demanding good news,” says Bob Doll.