(Bloomberg) -- Barton Biggs, managing partner of Traxis Partners LLC, said the Dow Jones Industrial Average may rise as much as 19 percent this year and argued that shares of the largest U.S. companies are ``very cheap'' relative to other asset classes.
``Markets in general are going higher, but I think large caps in particular -- particularly in the U.S. -- are going to do even better than the S&P 500 or a broader index of the market,'' said Biggs, 74, a former Morgan Stanley strategist who left to run the $1.84 billion hedge fund four years ago. Biggs spoke during an interview in New York.
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