Investment manager Ken Fisher wants to buy stocks when people are miserable -- and he thinks that is where we are right now.
Fisher says investors are dazzled by the combination of threatened higher interest rates and the headlines on the credit crunch when they should be focused on the "real" growth story, which remains positive.
Fisher cites the performance of the Dow Transports index, which made a new high in recent days. The Transports have long been used as a leading indicator for the market's performance and Fisher argues that if the railroad, trucking and shipping stocks are strong then underlying economic activity must be holding up.
He sees the $46 billion bid for Anheuser-Busch as evidence that money is still available for large corporate deals putting paid to the view that credit remains tight for corporate borrowers.
Fisher says people have had "the pants scared off them" but when this correction is played out the markets will be back to making gains. His message then is to buy across the markets -- and especially in sectors like mining and infrastructure where demand is clearly still strong.
Whether you think Fisher "gets it" or not, check out the video clips of Fisher. We had a lot of fun challenging his view and think the exchanges make compulsive viewing.