Kolanovic Departure Triggers an Echo on Wall Street From 1999

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It’s been about 25 years since Wall Street had a serious bear hunt. And it appears another one is starting up now.

Early on Aug. 27, 1999, the finance world was rocked by the resignationBloomberg Terminal of one of its most committed pessimists, Charles Clough, Merrill Lynch & Co.’s chief investment strategist. Clough’s opinion was highly regarded, but he’d committed the stock market’s cardinal sin, remaining bearish in the face of a relentless rally — in this case, the dot-com frenzy that sent the S&P 500 Index soaring 220% from the start of 1995 to the endBloomberg Terminal of the century.

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