Nov 20, 2007

David Bianco: Stock market pricing in recession

The market's priced for a U.S. recession. We don't think that's the case, and we believe the earnings are going to prove to be far more resilient than most people realize.

~ David Bianco, 32, chief investment strategist, UBS AG, "Cohen, Bianco See Year-End Rally; Dow Theory Says No,", November 19, 2007

(Bianco made this comment the previous week in a conference call. He wrote in a Nov. 9 research note that stocks are inexpensive and said the Fed will reduce its benchmark lending rate to 3.5 percent next year from 4.5 percent now.)

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