jgunter I realise that world economic conditions are not rosey. It seems all the best bad one liners are rehashed out of context. It may sound boring but I prefer to read the full story. It's not always comforting and I'm not suggesting to acknowledge only the good portions. Just for a lighter note from today's 'if it bleeds it leads' coverage(and probably tomorrow's), find some comfort in the following. Obviously read the story in it's full context. Source: Bloomberg
Biggs Buying as S&P 500 Profit Forecasts Rise Most in a Year:
"Investors are overreacting," said Biggs, citing concerns about the European debt crisis, housing and reduced stimulus from the U.S. Federal Reserve. "All those worries are true, but I can see a number of them will be resolved in the next two months, and I do not think the global economy will slow down significantly. Stocks are very reasonably priced on earnings for next year."
"Companies have executed," said Rendino of BlackRock, which oversees $3.64 trillion in New York. "Each quarter there seems to be an abundance of bears saying, "This is as good as it gets," and the quarter after that, it's even better. It's emblematic of the fact that U.S. corporations have executed quite brilliantly through this cycle. Stocks are cheap."
"You'll have a couple of months when people can convince themselves that anything will happen," said Shaoul, the New York-based chairman of Marketfield, who oversees $1 billion and beat 99 percent of his peers last year. "People will start to worry about the U.S. economy. In the end, corporate earnings will tell them they needn't worry."
"We are at a stage of the recovery now where a more balanced mix of sector leadership is likely to emerge," said Jeff Palma, a strategist at UBS AG in New York. "Numbers are not as strong as we're used to, but we think it will be sustainable. If you've been pushing a very cyclical strategy, then it is time to become a little bit more defensive."
