Richard Bernstein of Richard Bernstein Advisors is out with his 2014 outlook. He’s very bullish on equities (as he has been for a long time) and very negative on gold. You can read the entire note here. Here’s the cliff’s notes:
“1) The US stock market continues its bull run.
2) Japan outperforms emerging markets – The Currency Wars Begin.
3) European small cap stocks lead global equity performance.
4) High yield municipals lead the bond market.
5) Gold falls below $1,000.
6) The American Industrial Renaissance continues.
7) The Fed stays on hold much longer than investors expect.
8) Investors realize that the term “Liquid Alts” may be an oxymoron.
9) The king has no clothes: high quality stocks underperform.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.