A macro hedge fund investing chief expects a 42% correction in the S&P 500 to play out within a year. He lays out 5 ‘substantial risks’ lurking in the market — and the best way to position for the meltdown

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Kevin Smith is the founder and CIO of macro hedge fund Crescat Capital. Smith has a 2,623 price target on the S&P 500, which he expects to see within a year. In a new note, he lays out 5 'substantial risks' in the market and how investors need to position. See more stories on Insider's business page. One of Wall Street's most bearish analysts turned exceedingly bullish two weeks ago.Wells Fargo's Christopher Harvey upgraded his bearish S&P 500 price target of 3,850, which he set in late 2020, to 4,825, representing an increase of 6.7% from the S&P's current level of around 4,525.Harvey joins a number of strategists upgrading their year-end estimates for the S&P 500. On August 5, Goldman Sachs equity analysts upgraded their target to 4,700, while analysts at JPMorgan upgraded theirs to 4,600. A few notable e
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