This is your captain speaking. Better fasten your seatbelts coach passengers. Make sure those whatevers are in the upright position. Bloomberg reports that the Standard &
Poor’s 500 Index will probably surpass its record high in 2013 as bears
capitulate and the lure of a four-year bull market pulls “everyone in the
pool,” according to Laszlo Birinyi.
Expansion in U.S. housing, recovering markets in Europe where
bank shares have rallied 36 percent since June and buying by individual
investors will push the advance in equities to its fourth and final stage,
“acceptance,” said Birinyi, the president of Birinyi Associates Inc. The
benchmark gauge for American equity is within 10 percent of its record after
gaining 107 percent since March 2009, data compiled by Bloomberg show.
Birinyi, the former Salomon exec, is sticking to the bullish
forecast he has given to clients of his Westport, Connecticut-based research
firm since stocks hit a 12- year low following the credit crisis four years
ago. The 69- year-old money manager says the bull market that began in March
2009 resembles advances that pushed equities up more than threefold in the
1980s and fourfold in the 1990s.
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