“We have been and will continue to be extremely bullish,” Richard Bernstein began his presentation on Thursday. “This could be the greatest bull market of our lifetime. It could rival the bull market from 1982. It won’t be like that all over the world, but certainly here in the U.S.”
The former chief investment strategist at Merrill Lynch and current CEO of Richard Bernstein Advisors delivered “Fear and Indecision: Sounds like a Bull Market” to attendees at TD Ameritrade Institutional’s annual conference in San Diego. While he made some tall claims to a seemingly skeptical audience, he had the arguments and numbers to back them up.
He began by noting bull markets are not “wine and roses.” They are periods of fear, indecision and uncertainty, which he called “the word of the day.”
“Has anyone not heard that word in in the past week?” he asked to laughter. “That word is screaming like a sign on the highway saying ‘Opportunity!’ We shouldn’t worry about uncertainty; we should worry when everyone is certain.”
Citing statistics from Dalbar, he noted that investors have missed every bull market over the past 20 years, what he called “an abysmal track record.”
Posting a slide called Fear and Indecision, he noted the bull market of the 1980s is remarkably similar to what happening today. He also noted that the market was up 13% in January 1987. It was at that point that everyone rushed in, which was just prior to the 1987 crash.