‘Another Year of This Rally’: UBS’s Richards
Stocks still have plenty of upside over the next year due to continuing stimulus, UBS Managing Director Paul Richards said Thursday on CNBC.
"Look, I'm not a stock picker, but I know where I'm putting my own money," he said. "I'm long property, I'm long stocks because from my perspective, until the Fed starts withdrawing stimulus, what are you going to do with your money? If you've got no choice, buy stocks, buy property."
On "Fast Money," Richards said that he was waiting for a clear sign of an easing off the accelerator.
"And when they say that, you know, the economic stimulus is enough, at that point then you start to consider other things, and that's when I think the stock market comes off but not before," he said.
"I think you've got another year of this rally."
Federal Reserve Chairman Ben Bernanke was a big part of Richards's bullish outlook on stocks.
"I think there are very good signs that we're seeing strength coming into the economy but a long way to go," he said. "And more critically, Bernanke's a very patient man. He's a student of the '30s. He's not getting out of the way of this one anytime soon."
Richards also said that Bank of Japan Governor Haruhiko Kuroda's announcement of a doubling of bond purchases meant the official was "all in."
(Read More: BOJ Throws In Kitchen Sink in War With Deflation)
"The market was starting to doubt Kuroda, and that was a very big mistake," Richards added. "He's telling you he's going to get you inflation at 2 percent within two years, and he will do absolutely anything to do that. He's going to double the BOJ's balance sheet.
"I wouldn't mess with this guy."
Richards added that there was little reason to believe the short yen vs. U.S. dollar trade would ease up anytime soon.
"I think if anything you double up on the trade," he said.
Trader disclosure: On April 4, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long RFMD PUTS; Jon Najarian is long EEM PUTS; Jon Najarian is long VXX CALLS; Jon Najarian is long JNPR CALLS; Jon Najarian is short VXX puts; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AXP; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long SWN; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long PSX; Enis Taner is long GS; Enis Taner is long GS PUTS SPREAD; Enis Taner is long MSFT; Enis Taner is short CALL SPREAD; Enis Taner is long FXE PUTS; Enis Taner is long XLE PUTS.