Scott Galloway, the entrepreneur and NYU Stern marketing professor, issued a stark warning about the economy over the weekend on his Prof G Markets podcast, co-hosted with Ed Elson. But one of his colleagues, NYU Finance Professor Aswath Damodaran, offered up an even bleaker view. The market isn’t pricing in something “potentially catastrophic,” Damadoran said, so taking your money out of stocks and moving it into baseball cards isn’t a crazy idea.
Top financial commentator Robert Armstrong, of the Financial Times‘ Unhedged blog, took notice (Armstrong famously coined the term “TACO” trade, for “Trump always chickens out”). Damadoran is unusual, Armstrong wrote, because he’s not a perma bear like, say, Michael Burry of “The Big Short” fame, who has warned of a bubble and cryptically closed his hedge fund. Damadoran is “a true enthusiast” who “likes investing, believes in markets, and has a strong risk appetite.”
