Investors have their heads in the clouds—or buried in the sand—and are running out of time to salvage their returns before risking a "catastrophic" end, a Morgan Stanley strategist has warned.
Mike Wilson's grim prediction comes as the S&P 500 continues to rally, up 16% from its October lows and 6% since the start of this year. Morgan Stanley's chief investment officer, voted the No. 1 stock strategist in an October survey by Institutional Investor, drew on a comparison from Jon Krakauer's 'Into Thin Air', which details the tragic true story of three separate expeditions attempting to climb Mount Everest when the peak claimed its worst single-season death toll on record.
