Marcelo Carvalho, the head of global emerging markets research, went further. “The numbers are meaningless in a sense,” he said, and continued, with an engaging smile: “Whenever I make a forecast, and I have done this for a number of years, I know it is going to be wrong.” But, he added, “The numbers are an illustration of where things are going.” And they provide grounding, he said, to “have a thematic discussion with our clients.”People in finance are frequently well-informed, even if their specific predictions can’t be counted on. Bank of America’s year-end forecast is intriguing, for example. It signals trouble ahead in the U.S. stoc …
