“Park Avenue apartments belong to the optimists”
We would like to repeat our longer term view: Valuations relative to bonds and cash are compelling. Following the worst decade since the 1920's (all possible decades are included) we believe that the future of business is brighter and that equities will outperform alternative assets.
Strategy and Tactics
A) A stock market P/E of 19 to 20 means a 10 to 15pct appreciation from current levels. We would welcome it before “a nasty correction”!