Blackstone Legend Byron Wien: We Haven't Had the Needed Market Purge YetInvestors remain too bullish, explains Blackstone market veteran Byron Wien.
by Brian Sozzi
Despite a market well off its record highs, one investing legend still thinks some rough roads lay ahead.
The market hasn't had its needed purge yet says Byron Wien, who is Vice Chairman in the Private Wealth Solutions of Blackstone Group (BX) .
"We will retest the February lows [in the markets]," Wien, 86, said on a call Thursday with media.
Wien continues to believe the S&P 500 will rally back after testing the lows, charting a path to 3,000 by year end.
Wien added that if inflation picks up even more, spurring the Federal Reserve to act quicker on rate hikes, the U.S. could see a recession in 2019.
Source: The Street
https://www.thestreet.com/investing/bla ... t-14554068
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