Investing
Strategist Says Market Fully Valued, Growth Could Be Slow for 10 Years
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For old-timers that were around in the go-go tech 1990s, years of double-digit market gains looked like they were here to stay, until the tech wreck of 2000 and 2001 ended all that. Then growth took off again only to be halted by the Great Recession and sell off of 2008 and 2009. Since the low in March of 2009, the S&P 500 is up over 200%, and we broke out into a real secular bull market when the S&P 500 cracked through 1,500 in 2013. One strategist on Wall Street thinks the party is over and could be for some time.
Barry Bannister, the well-respected market chief equity strategist at Stifel, has hardly been a perma-bear over the years, but he makes the case that the S&P 500 is pretty much fully valued, and he sees 2,100 on the index as the top end for 2016. With earnings slowing, and multiples again stretched, this is hardly some doom and gloom call. Without earnings growth, multiples cannot be extended.
In a new equity strategy research report, Bannister and his staff layout a very slow growth scenario that could last for a decade, and the report highlights seven key points investors may want to consider.
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