February 10, 2014, 8:24 AM
- Bloomberg
- Laszlo Birinyi, president of Birinyi Associates Inc.
It would have been bad news for bulls if stocks hadn’t pulled back in reaction to turmoil in emerging markets last month, money manager and long-time bull Laszlo Birinyi told Bloomberg in an interview published Monday.
“I don’t like when the market just shrugs these things off,” said the founder of Birinyi Associates, who was one of the first well-known managers to make the case for a long-term bull market. “It’s OK to just stop and take a deep breath. The market should have some sort of negative reaction when you have problems in Turkey and Argentina. That didn’t make me uncomfortable.”
So how comfortable is Birinyi with the potential for a rebound? He sees the S&P 500 SPX having enough momentum to likely hit 1,900 in the next quarter.
But the job is tougher for market bulls, he acknowledges, telling Bloomberg “there’s nothing that you can say is a bargain or a real value.” That means you have day-to-day situations that will offer opportunities, “and that’s what we’re trying to take advantage of.”
–William Watts
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