Just Say No to Drugmakers

It seems that we have finally set the Washington silliness aside for at least a few months. We will be revisiting all of this again earlier next year but, for now, at least we can stop talking about politicians all day. I actually heard the talking heads discussing actual companies and stock price movements this morning instead of John Boehner's tan and Harry Reid's antics. I even heard talk of taper once again, so perhaps the world and markets are going to drift back toward some sort of normalcy for a bit.

I spent part of the weekend at the beach communing with the dolphins and pelicans while catching up on the news of the week. One of the articles I found interesting was the semiannual report from Barron's on what the big money managers are thinking and doing right now. These folks are bullish in the aftermath of the budget fuss. Eighty percent of those surveyed say they think that U.S. equities will be the best-performing asset class in the next 12 months. A shocking 89% think that large-cap U.S. stocks will continue to rise over the next year. This in spite of the fact that 79% think the economy will grow by 2.5% or less and 85% think the stock market is either fairly valued or overvalued. The leap of faith here seems to be that corporate profits will grow faster than the economy and the Fed will remain accommodative. I have no knowledge of likely central bank actions but I find the idea of higher earnings and multiple expansion a bit much to buy now....460 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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