Barton Biggs has a phenomenal track record in calling market turns. His latest reminds us of the March 2003 Bullish call. 2003 Redux?
Barton Biggs, who manages the New York hedge fund Traxis Partners, sees a big-time rally under way for stocks.
The former chief global strategist for Morgan Stanley told Bloomberg TV that the Standard & Poor’s 500 Index may soar 30 percent to 50 percent from its 12-year low of 676.53 reached March 9.
A 50 percent gain from that level would mean 1,014.80. The S&P 500 closed Wednesday at 813.88.
“We’re in the midst of a major rally, but to say we’re in a bull market is way premature,” Biggs says.
“I’m confident we’ll see a better tone for the economy by the end of the second quarter and into the rest of the year. The economy may still decline, but it won’t fall off a cliff like it has been doing.”
Barton Biggs 2003: