Byron Wien On What He Got Wrong: Annual '10 Surprises' Predictions Update

Byron Wien, vice chairman of Blackstone Group LP (NYSE: BX)'s subsidiary Blackstone Advisory Partners, is famous on the Street for his annual list of "10 Surprises." For the past 30 years, Wien has rung in the New Year with his predictions, some which come true, while others never quite happen.

Wien was a guest on the latest edition of the Wall Street Week where, halfway through 2015, he talked about the things that he got wrong in his this year's list.

Fed Rate Hike

"Look, there are surprises, and you are bound to get a few of them wrong," Wien said. "I said the Fed would act earlier than people thought. So, that meant March. Obviously, I was wrong about that. I think they will raise them in September. I think the economy is going to do much better in the second half. I think those numbers will appear, and I think the Fed is dying to go."

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He continued, "Look, what are they going to do? Everybody makes such a big deal about this. They are going to raise rates a quarter, a half of 1 percent? How is that going to affect the market? The yield curve will still be very steep; the next recession is years away. So, I think this market is good."

Markets Will Rise 15 Percent

"One of my 10 surprises was the market would rise 15 percent. I have taken a lot of heat on that one. [The] market is up 3 percent; fundamentals are going to improve through the remainder of the year. Interest rates have gone up a little bit, but they are going to stay low. Earnings are going to be better than expected. I think I have a shot at 15."

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