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Street Signs: Are Markets Merely Exuberant, Or Irrationally Exuberant?

A money manager who oversees $32 billion in assets said on CNBC's "Street Signs" that stocks are more likely to move down than up over the next several months.

"I think, realistically, we would have to assume that in the face of stronger inflationary reports and wage pressures, corporate earnings are likely to slow," said Robert Balentine, president and CEO of Wilmington Trust Investment Management.

"The old Wall Street saying is that markets can stay irrational longer than investors can stay solvent," he added.

Balentine said the Wilmington Trust has scaled back its holdings of large- and small-cap companies and is focusing on "quality issues" in the U.S. The trust has recently doubled its bets in emerging markets abroad.

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  • Co-anchor of CNBC's "Street Signs," Amanda Drury is based at the network's global headquarters in Englewood Cliffs, N.J.