(Source: Bloomberg Television)
Laszlo Birinyi called the market bottom in March 2009 and he still likes what he sees three years on. Despite the stock market’s largest decline this year earlier in the week, he’s bullish on U.S. equities.
“While we may have stumbled for a day or two, I think the race is still on,” Birinyi told Bloomberg Television’s Betty Liu on Thursday. He reiterated his call from last week that the S&P 500 has the potential to reach a record high of 1,700 this year should economic growth surprise investors the same way falling bond rates did in 1995.
According to the news service, Birinyi said recent declines in smaller companies don’t portend the rally is slowing. He said the underperformance isn’t “troublesome” and recommended investors stay in equities.