Money manager Laszlo Birinyi says the bull market is nowhere near done, despite calls for a pullback. Too many small investors have missed the early move and will now clamor to buy stocks, pushing the whole market higher.
"When you have an 80 percent move off the bottom as we did . . . it always has resulted in a long-term market because quite frankly so many people miss so much of it and they have to try and catch up," he told CNBC.
Birinyi is the founder and president of Birinyi Associates, Inc. He is a former Salomon Brothers trader and well-known financial author.
In early January, he predicted a huge surge in the S&P 500 Index, to 2,854 by September 2013 — well over tripling in value from the March low for the index of 676.53.
"We find that looking at the historical pattern of the markets can be a very useful exercise," Birinyi told the financial news channel.
"We're fairly comfortable that the party is going to go on for a long time."
Morgan Stanley Smith Barney told its clients that the investors are now in the middle of a “multi-year bull cycle for equities” in its most recent global investment report, reported independent adviser trade publication Financial Planning.
The bank said it expects U.S. and global earnings per share growth to be close to 15 percent.
© 2017 Newsmax Finance. All rights reserved.