Meyer explained that the factors that have spooked the market haven’t changed the fundamental picture, which is a strong economic and earnings recovery.
“Last week, for example, the ECRI* said their leading index suggests to them that a V-shape recovery is coming into focus, and if we get $80 and $95 a share this year and next year on the S&P 500, then there’s a lot of further room for stocks to move higher,” he said.
*(Economic Cycle Research Institute)
In the meantime, Weiner said he remains concerned about the market.
“If the U.S. was looked at as a corporation, the board of directors are really out of sync with each other,” he said. “We’re concerned about the government trying to fix things. Regulation is not going to be great and the higher taxes are not going to be great.”
He projected that the global economy is going to be what eventually bails out the U.S. economy.
“There will be bumps in the road everywhere,” he said. “If you look at the emerging markets, they don’t have all the problems we have.”
“As much as 2 billion people are going to enter the middle class in the next 20 years and that’s the place to be—or be in the companies that sell to them...in the next 10 to 20 years.”
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No immediate information was available for Meyer or Weiner.