Barton Biggs: S&P Will Soar Another 20% This Year Henry Blodget|Sep. 13, 2009, 9:06 AM Legendary ex-Morgan Stanley strategist Barton Biggs tells Bloomberg that stocks have barely begun to rise. The S&P headed to 1250 this year, Barton says (up about 20% from current levels), and 1350 next year. The logic? That's what the credit markets are telling us. (Alas, he didn't elaborate). Barton hastens to add that he's not predicting anything crazy. The market won't set new highs or anything. One other Barton point: We're years away from a China crash. Stock Pullback Will Comeââ¬âbut Not Yet: Barton Biggs Published: Tuesday, 15 Sep 2009 | 4:55 PM ET By: CNBC.com The S&P 500 will rise to 1200 or 1250 before there's a meaningful correction, so although stocks aren't as cheap as they were a few months ago, they're still worth buying, said Barton Biggs of Traxis Partners. "Everybody thinks it's gone too far. We're getting all kinds of advice that we ought to cut back and lock in some gains," Biggs told CNBC. "It takes courage to be a pig, and I'm a pig here." (See video at left for more.) Biggs recommended the following sectors and markets to investors: Retail: "As the stock market has gone up and good things have happened in the economy ... you're going to get big increases in confidence and people are going to start spending again," he said. Emerging Markets: The global economy is rebounding faster than the US, and Biggs specifically suggested buying into Eastern European countries such as Poland, Turkey and Russia. Biggs also likes pharmaceuticals, technology and real estate investment trusts (REITs). One sector not on Biggs' list: financials. "Financials are tech in 2003," he said. "They've had a big bounce off the bottom just the way tech did and they're going to be unproductive money for the next five years."
I remember one night on fast money a couple of years ago he talked about a "MELT UP" going into the end of the year, man was he way wrong, stocks didn't even come close to a melt up, a few months later and the market started falling.
"One other Barton point: We're years away from a China crash." Would like to know more about his opinion on this China call.
Wasn't that in November, 2007............lol. Recession was already on the way after Bernanke's first injection of monopoly money in August of that year. It is a brave new world and some of these need to be put out to pasture.
I was a bit curious too. I googled Barton Biggs china, whoa plenty there, not with standing the fact Buffett is wearing Chinese made suits these days.
Everyone is in, and the ceremony is about to begin. Look at the headlines, Buffett is buying, and now Art Cashin just "remains cautious". Benanke declares recession "probably ended". I am getting the feeling that too many people are leaning long, and in a big way too!! Biggs might as well be Stock_Trad3r - his calls are a timeless fade.
wow don't even mention biggs. barton biggs is a recycled bear from the 1990's who was on tv 2 times a month calling for crashes and was humilated and laughed at. HE'S JUST ANOTHER BEAR(FLECKENSTEIN IS ANOTHER) WHO GOT DESTROYED OVER AND OVER AGAIN AND DECIDED RIGHTFULLY SO ITS EASIER BEING A BULL. AT LEAST IF A BULL IS WRONG THEY DON'T STAND OUT. but biggs has been wrong as hell even being a bull over the years. he's an old over the hill loser who wants some attention with outlandish calls.as the last note said the longevity of this run has pushed almost all the non believers in the long camp and the boat is getting crowded. i expect a big hit in the next 2-3 months. impossible to time it