Bloomberg TV
- Investors should expect lower stock market returns in the future, Gary Shilling says.
- The legendary forecaster cited slower economic growth, steep valuations, and fading speculation.
- Merrill Lynch's first chief economist said a recession appears likely and could extend into 2025.
Investors in the stock market face decades of disappointment, and a recession threatens to strike this year and extend into 2025, a legendary market forecaster warned.
The S&P 500 has gained an average of 12.3% a year including dividends since bottoming in July 1982, but it's likely to post lower returns going forward, Gary Shilling wrote in his Insight newsletter for February.