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A top portfolio manager at a $9.6 billion firm shares the 2 indicators that tell him stocks are peaking and poised to drop 50% in the months ahead a?? and says there's a 50/50 chance the market...

A top portfolio manager at a $9.6 billion firm shares the 2 indicators that tell him stocks are peaking and poised to drop 50% in the months ahead a?? and says there's a 50/50 chance the market...
REUTERS/Lucas Jackson


David Wright of Sierra Investment Management is warning that stocks may have peaked.




He said various indicators are showing indexes are at or near a top.




He said the Dow Jones Industrial Average would fall 50% over multiple quarters.


Following the Dow Jones Industrial Average's blistering 89% rise from its March 2020 lows, the index is starting to see some volatility. Since November 8, it's dropped as much as 6.6%.The recent change in direction has investors wondering: have stocks peaked?A According to David Wright, the cofounder and co-portfolio manager of Sierra Investment Management, which manages $9.6 billion in assets, there's a 50/50 chance stocks have started their descent into bear market territory. And if they haven't peaked yet, they likely will in the coming months, Wright said."We're at a period of very high risk," Wright told Insider on Thursday. "Time to buckle your seatbelts."
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