Investment strategist Robert Doll says America’s edge is faster population growth, companies that are global in scope, and a culture of innovation and entrepreneurship.
It’s been a dreary week for economic news: slow job creation, falling home prices, lagging auto and consumer sales, and a sell-off in stocks. So it seems like a good moment to check in with one of Wall Street’s leading perma-optimists, BlackRock Chief Equity Strategist Bob Doll, to see if he’s still bullish on America.
To my considerable relief, he doesn’t disappoint. “Credit markets are sound. Money growth is good,” says Mr. Doll, whose optimism has been the right market call since March 9, 2009, when stocks hit their post-crisis lows. The Dow has since risen more than 85%, and Mr. Doll expects the slow economic expansion to continue.
As intriguing in this moment of U.S. pessimism is the 56-year-old uber-investor’s long-term bullishness on American companies and U.S. competitiveness. “You could say we’re the best house in a bad neighborhood,” says the man who has spent 28 years managing money. “We have fewer problems and more solutions than Europe or Japan.”
Read the spin here.
(Remember this fight is NOT against Europe or Japan. This 56-year-old still thinks cold-war. When he says fewer problems he lies directly in your face. Job growth below population growth is a recipe for disaster not a recovery. The population is rising because of illegal Mexican immigration. The Anglo-American Whites have below replacement level birthrates. Don’t believe this spin. Mass immigration from the Middle East and Mexico is not a good sign for a country with a bright future. The more diversity the more the economy goes into the tank. America is becoming a big Lebanon. The so-called global companies he talks about have a shrinking market share and only four have AAA ratings. When he speaks of innovation and entrepreneurship you can see this man does not understand that everything has been invented. Humankind has reached the highest stage of development. China has 70 million cars for over a billion people or 5 out of 1000 people own a car. There’s much potential for growth. Americans already have everything (800+ per 1000 own a car) – so there’s not much potential for growth. He says credit markets are sound. Is that a joke? Consumer credit is contracting. Its only a matter of time when commercial credit contracts too – then you are in hell. It’s simple mathematics. Commercial credit can not expand forever when no one buys. Remember this guy is a stock investor. Stocks have lost 90% against gold since 2000. In reality he thinks he makes a profit but he’s investing in a declining market against gold. The debt problems have not been solved. They are growing worse at this moment. Nothing has been solved when it comes to government debt – it just keeps growing until it does not. Nobody wants to invest into this economy. China has stopped buying government bonds and encourages its people to buy gold and silver. If you believe this guy then you will be slaughtered. WSJ is the mouthpiece of Wall Street. Nothing you should trust.–Admin)