Steve Leuthold of the Grizzly Short Fund predicts that the S&P 500 will rebound in 2009 to 1000. His short fund returned 74% in 2008 and 26% so far this year. He believes that comparisons to the Great Depression are ridiculous and is even urging investors not to invest in his own fund, since with an up market, his fund will go down.
“These comparisons people make with the Great Depression are totally out of touch with reality, and pretty stupid,” Leuthold told Bloomberg Television in an interview today. “We’ve been in much worse, much more panicked and more scary situations in the U.S.”
Comments
JDonahue
March 08, 2009
This is the most troubling thing about what has happened over the last two weeks. Many who made a fortune last year - including Paulson Capital, Jim Chanos and Doug Kass - said that they were covering their short positions and going long at Dow 7500. The scariest thing about a dramatic collapse is that in the end almost everybody gets bloodied, even those who got it right at first.
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