Bulls vs. bears
Courtesy of Christopher Fountain of For What It’s Worth
Ya gotta love a horse race. Here’s an article from the New York Times that interviews five different analysts and gets six different opinions on where the market’s headed. I think this guy, for instance, is nuts – reminds me of a lot of real estate agents I know. But hey, he could be right, and so could they. I’m not betting on it.
Despite this grim backdrop, Laszlo Birinyi, president of Birinyi Associates, a stock market research firm in Westport, Conn., believes that we are in the early stages of a classic bull market that has plenty of room to run.
“At any juncture during a bull market over the last 50 years you could point to economic problems,” he said. “The obvious problems aren’t the ones that I worry about.” In his view, the economic weakness has been documented so well that the market has already taken it into account. “The negatives are right in front of your nose,” he said. “The market is looking past it.”
