Back in January 2011, West Palm Beach money manager Carl Domino predicted the Dow Jones industrial average was headed to 20,000 — a bold call considering that memories of the Great Recession remained fresh in investors’ memories.
Domino’s prognostication looks likely to come true sooner than expected. Stocks have spiked since Donald Trump won the presidential election last month, and the Dow traded in the 19,940 range Tuesday afternoon.
The first time I heard Domino’s prediction was in January 2011, when the Dow was struggling to top 12,000. Domino made the 20,000 call but declined to pick a date.
As stocks soared, Domino grew more specific about a timetable. In 2013, with the Dow surging to 16,000, Domino called for 20,000 by the end of the decade, a forecast he reiterated in 2014.
A veteran value investor, Domino specializes in dividend-paying stocks.