JP Morgan's Tom Lee has been getting a lot of airtime lately. We hope this ends soon, as anyone who has listened to this person in the past has consistently lost money. Here is Tom Lee from May 2, 2011 explaining the reasons for hiking his 2011 year-end S&P forecast to 1475. As a reminder, the year ended at 1250, or 16% away. In any other job, this would be ground for termination, and terminal discrediting within the industry. But apparently not on sell-side Wall Street, where being wrong constantly and consistently merely leads to ever bigger bonuses. It also allows comedy financial channels to plug empty airtime with idiotic soundbites.
We have one question for the so-called regulators: shouldn't all JPM strategists disclose, when they come on TV, that their hedge fund (the notorious CIO) has a massive long position which the firm is trying to unwind?