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So much for the double dip we always hear so much about.  Neil Hennessy of Hennessy Funds says we’re on the verge of a double recovery:

“That is the first leg of the double recovery.  In my opinion, the second leg of the double recovery is on the near horizon, and it will be driven by investor confidence.  Every fundamental you can measure for the financial markets, price–to-book ratio, price-to-earnings ratio, price-to-sales ratio, and even price-to-cash-flow, are all at historical lows.  Corporate earnings are at an all-time high.  I believe that these fundamentals provide substantial evidence that there is strong value in the market place today.  I would argue that there are still a few missing ingredients for recovery: job creation, home values and consumer confidence.  What I see happening right now is a slow but deliberate return of confidence among both consumers and businesses.  And I firmly believe that once business and the consumer return to the marketplace, this double recovery will begin in earnest.  I believe consumer confidence will lead investors back to the equity markets, and that will bolster the confidence of our business leaders to begin spending their cash, expanding and hiring again.  The housing market may take a bit longer to enter this double recovery, but I have no doubt the other ingredients are going to drive growth.”

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