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Record selling by insiders is setting up stocks for a big fall, says contrarian investor

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After a year of record stock buying on Wall Street, the message from forecasters for 2022 has largely been “keep at it.” This week, we heard from Goldman Sachs, which sees households and corporate buying driving the S&P 500 to a 5,100 finish by the end of next year, and Sanford Bernstein, who said buy stocks even if real yields normalize, which it says justifies high valuations.

A contrarian voice has been Morgan Stanley, who is telling clients to resist buying U.S. stocks. From that same neck of the woods, our call of the…

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