Courtesy of Tyler Durden
Goldman may have hit the iceberg, but at least David Kostin keeps on playing the groupthink music which always validates Farrell’s rule #9. “Portfolio managers with whom we met on the West Coast this week expressed strong bullishness on the near-term direction of US equities and several had earnings estimates for 2010 and 2011 that were substantially above both our and bottom-up consensus forecasts.” In other words everyone is convinced that the Fed will never regain its monetary independence and keep ZIRP at least until Obama’s second presidential campaign.
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GS Weekly Kickstart 5.1.pdf | 653.99 KB |