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," Bloomberg.com, 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.)