<<Principally, though, the strategists argue that prospects for equities are much brighter than they seem.
For instance, concluding stocks are overvalued by comparing their current price-earnings multiples to those of previous bear markets is ``naive,'' according to UBS Warburg's Kerschner, the number one-rated Wall Street strategist.
True, multiples are higher, but they deserve to be. Both interest rates and bond yields are lower now than they were during 1987, when the S&P 500 last entered a bear market, or 1990, when the index came close, Kerschner wrote in a March 18 note to clients.>>
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Using this logic, the Nikkei should be at 80,000 :-) |
