JPMorgan’s Kolanovic Is Last Prominent Bear as Mike Wilson Folds

There’s just one big bear left in Wall Street’s forest of stock market opinions after Morgan Stanley’s Mike Wilson capitulated on Monday while JPMorgan Chase & Co.’s Marko Kolanovic held firm in his gloomy outlook on equities.

Kolanovic reiterated his view in a note to clients late Monday, urging them not to buy stocks, while acknowledging that this negative outlook has hurt JPMorgan’s model portfolio allocation over the past year as global equity markets rose to record highs. He cited a litany of reasons for maintaining his pessimistic position, including high valuations, the likelihood rates will remain restrictive for longer, elevated inflation readings, consumer stress, and geopolitical uncertainty.