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March 05, 2013 at 07:25 AM
People get ready, there’s a train a-comin’.
Famed money manager Laszlo Birinyi channeled Curtis Mayfield Tuesday morning when commenting about the Dow’s new record high.
“People are now starting to realize that it is a bull market,” Birinyi (left), president of Birinyi Associates, said in an interview with Bloomberg Radio. “It’s not going to come back, you’ve missed the train, and the train still has a long way to go. But you better get on it.”
Birinyi, who was one of the first money managers to call the bottom of the bear market and the beginning of the bull market in March 2009, said investors should buy commodity and technology shares.
The Dow Jones Industrial Average set a new record, blowing past the old mark set in 2007. While consumer staples and health-care shares have led the almost 8% advance for the Standard & Poor’s 500 Index in 2013, the network notes Birinyi said technology, materials and energy stocks are the best choices today.
