Could the market be primed for a selloff? Well, sort of. Wall Street’s leading lights opined at a Hong Kong summit Tuesday that a big drawdown in markets seems possible, but they didn’t put too much weight on an imminent pullback.
David Solomon, Goldman Sachs’s chief executive, reiterated a warning he made last month of a likely retrenchment.
“Of course it is likely there’ll be, you know, a 10% to 20% drawdown in equity markets sometime in the next 12 to 24 months. And I’d say there are very few people in this room that don’t think that that’s a meaningful possibility,” he said.
Still, he doesn’t see imminent danger despite stocks hitting record highs.
“It’s a pretty constructive environment. I could give you lots of things that could go wrong, but at the moment those don’t seem likely in the short-term distribution of outcomes.”
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