“The reason I’m not bearish is that interest rates are so low and even with the Fed maybe tightening in June, maybe September, they are going to remain well below their average for many, many years, and that’s a very, very important consideration — valuation of the market. …
“I would not just look at the historical P/E and say, ‘Oh, wow, the market is overvalued.’ You must value stocks, in fact all assets, relative to interest rates and what else is available in the financial markets. …
“I would not advocate to start tilting away from stocks and moving into alternative assets. I don’t see any there that I find more attractive than stocks at the current time. …
“I mentioned at the end of last year that, although I thought 2015 was going to be good, I certainly wouldn’t be surprised to see a correction … it’s almost impossible to be certain about when a correction is going to happen and I’m still bullish long-run.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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