It’s just a reversal of excessive pessimism. We still have a lot more bull market to go because we had such a huge bear market.
The economy is not recovering at a slow pace. America is faster than people think. Third-quarter GDP numbers knocked the socks off of expectations.
~ Ken Fisher, "Billionaire Fisher Sees S&P 500 Above 1,300 as Economy Recovers," Bloomberg.com, November 10, 2009
(Ken Fisher predicted the S&P 500 would reach 1,300. It closed at 1,093.08 on the day of the interview with Bloomberg.)
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Could this be because of government spending? Cash for Clunkers, expanded unemployment benefits, hitting rock-bottom interest rates..
This GDP swell is illusory. It is not the result of a resilient US economy, but the government battleship firing all its guns and saying "See how well we're doing?"
Doug French explains more fully here: http://mises.org/daily/3843
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