Friday, 26 November 2004
Shop ‘til you Drop
Stephen Roach, the chief economist at investment banking giant Morgan Stanley, has a public reputation for being bearish. But you should hear what he’s saying in private. Roach met select groups of fund managers downtown last week, including a group at Fidelity. His prediction: America has no better than a 10 percent chance of avoiding economic “armageddon.” Press were not allowed into the meetings. But the Herald has obtained a copy of Roach’s presentation. A stunned source who was at one meeting said, “it struck me how extreme he was - much more, it seemed to me, than in public.” — The Boston Herald
Hmm. I don’t know either Roach’s or the Herald’s reputation (this doesn’t appear to be reported anywhere else in the traditional media), beyond what’s said here. More at Morgan Stanley.