12/09/08 - The Angry Investor
Scan the financial media today, and it's hard not to get dizzy from digesting the remarkable array of contradictory predictions about the future of global financial markets. On the one hand, market Cassandras such as New York University's Nouriel Roubini say that the worst is yet to come, and Yale's Robert Shiller argues that the U.S. stock market is still overvalued. On the other hand, Warren Buffett and high profile mutual fund managers like Bill Miller (Legg Mason Value Trust) and Ken Heebner (CGM Focus Fund) have called a bottom to the stock market. After a couple of days of upward momentum, Swiss investment bank UBS predicted last week that the S&P 500 will end 2009 at 1,300, up 43% from its close after yesterday's strong rally.
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