S&P Will Rise 60% by 2013: Birinyi
The S&P will more than double in the next two-and-a-half years in a best-case scenario, legendary investor Laszlo Birinyi Jr., president and founder of Birinyi Associates, told CNBC Wednesday.
“There was an extraordinary start to this bull market, and when you have starts similar to this, you end up with some very substantial moves,” added Birinyi, who was head of equities at Salomon Brothers during the go-go 80's.
“We’re out there and very comfortable being bullish.”
Birinyi’s lowest prediction is that the S&P rise 31 percent by September of 2013.
The investor said that he and his associates use market activity and past patterns to assess market moves. “Looking at the market’s history, which we found to be a usefeul guide in the past and has been a useful guide for the last two years, we’re going to continue to dance with who ‘brung’ us,” he added.
Birinyi recommended investing in individual stocks rather than ETFs, for example. Among his picks are Exxon and five others, including Prudhoe Bay , Ralph Lauren , Priceline , Cummins and Hermes International. Hermes is a position that the company buys for its clients in the local, French market.
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Disclosure information was not available for Laszlo Birinyi or his company.