Pride said investors’ anxiety and worry keeps the market fresh and helps move it forward.
“The most important long-term determinant of performance is valuation and we’re sitting well below historic norms even after this 50 percent rebound when you look at valuations relative to normalized earnings,” he said.
Markets can melt up just as easily as they melted down, said Pride, adding that expectations can also surprise to the upside.
“The amount of fiscal stimulus and monetary stimulus out there is pushing us forward and it’s starting to cause a positive feedback loop that’s exactly the opposite of the feedback loop that we saw to the downside in March," he said. "That can force this market considerably higher at this point in time.”
No immediate information was available for Pride or his firm.
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