An optimist view from a wise investor

News. June 7 (Bloomberg) -- Confidence in stocks is sinking to record lows in the options market even with the U.S. economy poised for its fastest growth in six years, a sign to Blackstone Group LP’s Byron Wien that it’s time to buy.

“People are trying to protect themselves and they are willing to overpay for it,” said Wien, 77, the Blackstone adviser who foresaw last year’s gains in stocks and oil and predicts the S&P 500 will rally to 1,300 before ending 2010 little changed. “Bearishness is high. The best time to buy stocks is when the level of bearishness is at a peak.”

My view. He is a smart and astute strategist.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest

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