Economic Insights – March 2013
As we record this segment at the end of February, the S&P 500 is up 6 percent since the start of the year, and 12 percent from a year ago. And there are plenty of Wall Street bears saying that these prices are irrationally high.
It's at times like this that we remember Nouriel Roubini calling the stock rally in 2009 a "dead cat bounce." And, just as then, we believe the bears are ignoring the facts; that is, earnings are good, stocks are cheap relative to those earnings, and the economy is growing.<.....
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