Wall Street Is Bullish on ’26. Assume It’s Wrong: Jonathan Levin

It’s crystal ball season again on Wall Street — the time when strategists attempt the impossible task of divining where the S&P 500 Index will end the next calendar year. This time around, strategists are projecting a relatively bullish 11% gain over the next 12 months, but basing one’s investment strategy on that assessment is roughly as helpful as consulting a fortune cookie, as my annual update of the strategist scorecard shows.

With valuations already elevated, it’s imperative that investors avoid hubris and complacency.

To be fair, strategists are coming off a year that was decidedly less terrible than usual. At ...