I think this is the pause that refreshes. Look, stocks are cheap, profits are up, the 10-year Treasury is low, earnings yield/bond yield spreads are about where they were in February. It’s a great buying opportunity. I don’t think we’re going to be near the top of this market until we see a wave of IPOs and I expect that in ’08 or ’09.
All of the problems are in the billions and tens of billions. The global economy is in the tens of trillions. So these are small problems.
~ Rich Karlgaard, publisher, Forbes, as appeared on CNBC’s Kudlow & Company, August 2, 2007