Douglas Cliggott
From Wikipedia, the free encyclopedia
Douglas "Doug" Cliggott (1956-) was a managing director and chief investment strategist at J.P. Morgan & Company and JPMorgan Chase between September 1996 and February 2002, before that he worked at Alfred Berg (now part of ABN AMRO) and at Merrill Lynch as manager of global investment strategy. In 2002 he left JP Morgan to head up the first U.S. office of Swedish asset management firm Brummer & Partners, a J.P. Morgan client. In 2005, Cliggott co-founded Race Point Asset Management. He was a partner and served as the President and CIO of Race Point. In October 2006, the fund had to close due to lackluster returns (up 1 % since inception) with AUM of a mere 17 MUSD.[1]
Cliggott holds a BA in Economics from the University of Massachusetts at Amherst and an MA from The New School for Social Research.[2]
Contents |
[edit] Business
He made a name for himself in early 2000, when he correctly predicted that the year would be the roughest one for stocks since 1994. He then correctly predicted the downturn in 2001 and 2002. In 2003, he originally estimated the S&P 500 would end the year at 750. But at the end of May 2003, he revised his target up to 1050 2003 after the U.S. Federal Reserve cut short-term rates to just 1.0% and the U.S. Congress passed the most aggressive collection of tax cuts in the post war period in an effort to pull the U.S. economy out of its economic slump. The index closed the year close to 1,100.
[edit] Estimates
2000 NASDAQ Composite estimate 2500 NASDAQ Composite close 2471
2001 SPX estimate 1300.00 SPX close 1320
2002 DJIA estimate 8500 DJIA close 8342
2003 SPX estimate 1050.00 SPX close 1110
[edit] References
- ^ http://www.brummer.se/swe/common/streamer.asp?lngReportId=1449
- ^ http://www.newschool.edu/annualreport/0405_annual_report.pdf
