Rick Stuchberry, Vice President Portfolio Manager, RICHARDSON GMP
FOCUS: Canadian Large Caps and International ADR's Market Outlook:
We believe the markets are in the early stages of a long-term secular bull market. History’s great bull markets all have similar beginnings, they begin with doubt, transition to hope, then to optimism, and finally euphoria.
We think we are exiting the doubt phase of the bull market. After one of the greatest crashes in market history, it has taken longer to leave the doubt phase, but we believe we are in a secular bull market, the first ever global bull market, and there is tremendous upside potential.
In the minds of most investors. Fear of a crash does not go away overnight; but it will be reduced as markets drift higher. From 2008 until now, the stock market has had approximately $400B of capital exit, where the bond market has seen inflows greater than a trillion dollars. We see this money beginning to leave the bond market, and fueling the fire in the stock market for a long time to come. |
