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Seeking safety in a storm?

If you believe the markets are headed for a crash of historic proportions, you probably wouldn’t want to stay invested through that downturn.

“If I'm right, it is going to be the biggest crash of our lifetime, most of it happening in 2024,” Dent explained. “So if you just get out for six to 12 months and stuff stays at the highest valuation in history, maybe you miss a little more gains if I'm wrong. If I'm right, you're going to save massive losses and be able to reinvest a year or year and a half from now at unbelievably low prices and magnify your gains beyond compare.”

Known for being a contrarian thinker, Dent has made similar predictions before.

Given these alarming forecasts, investors are likely seeking a safe haven.

In an October interview with ThinkAdvisor, Dent shared his perspective on the safest investment: “Some say that gold will be the real money, but I say, ‘No, Treasury bonds are the safe haven.’ Even in a downturn, the (United States) is the best house in a bad neighborhood.”

Now, before you sell your entire stock portfolio and load up on Treasury bonds, keep in mind that Wall Street doesn’t appear to share much of Dent’s concern.

For instance, Goldman Sachs recently raised its 2024 price target for the S&P 500 to 5,100. Considering that the benchmark index currently sits at 4,770, the price target implies a potential upside of 7%.

One of the reasons behind Goldman’s bullish stance is interest rates. The investment bank now expects the Fed to cut rates five times in 2024.

“Resilient growth and falling rates should benefit stocks with weaker balance sheets, particularly those that are sensitive to economic growth,” said Goldman Sachs chief U.S. equity strategist David Kostin.

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About the Author

Jing Pan

Jing Pan

Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

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