Bloomberg interviewed Steve Leuthold this morning and the legendary investor had some interesting insights into how 2009 will play out. He has turned even more bullish now given the level of fear among investors. Oh, and he also thinks the S&P 500 will close at least above 1,000 in 2009, a 40%+ return from the recent lows.
Steve Leuthold, whose Grizzly Short Fund returned 74 percent last year betting against U.S. stocks, said now is the time to buy equities because investors are too fearful about the economy.
“These comparisons people make with the Great Depression are totally out of touch with reality, and pretty stupid,� he told Bloomberg Television in an interview today. “We’ve been in much worse, much more panicked and more scary situations in the U.S.�
It’s not every day you get a fund manager telling you to not buy his fund but thats exactly what Leuthold stated…
Because a rally is likely, Leuthold said investors shouldn’t buy his Grizzly Short Fund. It has returned 26 percent in 2009.
Honesty is quite refreshing…