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Are US Equities a Buy?

May 29, 2008

Macro Man submits:

One of the frustrations about being short stocks in the current environment is that one hears a constant refrain of how "cheap" they are. Indeed, Macro Man saw a US equity strategist from a C-list house a couple of weeks ago, and this guy was ashamed to admit that his analysis of the numbers would allow him to envisage "only" a 30-40% rally over the next year.

Now, eighteen months ago, Macro Man took a look at US stocks and liked what he saw. And so he remained constructive on equities through the end of last year. Early in 2008, however, he changed his mind on the fate of the US consumer, and thus his opinion on equities. Ever since, he’s been biased towards neutral to short positioning in indices.


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Are US Equities a Buy?

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