Meredith Whitney Bullish on Agriculture

At 'Delivering Alpha' conference, Whitney says focus must be on nation's strengths

Her prediction of a massacre in the muni space has yet to come to fruition, but that hasn’t stopped Meredith Whitney from making predictions, albeit somewhat less bold. 

Now, The Wall Street Journal is reporting that Whitney is bullish on agriculture, and particularly in states with a strong farming base.

“At the ‘Delivering Alpha’ conference on Wednesday in New York, Whitney said agriculturally rich states could be growth engines as they attract jobs and as they boast cleaner balance sheets than states such as California and Florida,” the paper reports.

“Housing is not coming back,” she said as part of “The End of America?” panel discussion. “Let’s power the drivers that are highlights of the U.S. economy and focus on that.”

According to the Journal, the panel included BlackRock CEO Larry Fink; Jim Leech, the president and CEO of the Ontario Teachers’ Pension Plan; Pierre Lagrange, co-founder and partner of GLG Partners; and Whitney, CEO of Meredith Whitney Advisor Group.

“Selling products overseas creates jobs here too,” Fink said in reference to America as an economic powerhouse.

He said it was “a myth” that jobs were being shipped overseas, according to the paper. Fink also said he doesn’t believe the rest of Europe is “going to run away from Greece.”

“Fink’s eyebrow-arching suggestion earlier this morning was a TARP-style program for European banks,” the paper said.

On the panel discussion, Leech said that he wasn’t “going overboard” with investing in India and China. Whitney also said she was bullish on the U.S. She said that opportunities created outside of the U.S. could benefit the U.S. as well. Whitney also said equity valuations “could get cheaper.” She said she doesn’t think that some companies are incorporating a more realistic, slow growth scenario.

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