Richard Bernstein '80, chief U.S. strategist at Merrill Lynch, was interviewed in The Wall Street Journal (1/2/07), The New York Times (1/2/07) and USA Today (1/3/07) about stock performance predictions for 2007. The Wall Street Journal noted: "Richard Bernstein, Merrill Lynch & Co.'s chief U.S. investment strategist and a longtime stock skeptic, has become downright bullish, forecasting a rise of 10.7% for the S&P 500 this year. Mr. Bernstein said he thinks the index will finish the year at about 1570, which would mark its first record since it finished at 1527.46 during the euphoria of March 2000.
"Before stocks reach those heights, Mr. Bernstein said, they could suffer some growing pains.
"'I just don't think everything is going to play out according to the perfect Goldilocks scenario that so many people expect,'" he said. "'People are overly optimistic. Even the average guy is putting money into emerging-market funds.'"
In USA Today Bernstein predicted that if the momentum stays positive on Wall Street, the biggest gains may be generated by large-cap stocks. More ...