Expectations for a Recovering Economy with guest, Bob Doll
“If you aren’t thinking about owning a stock for ten years, don’t even think about owning it for ten minutes.” That quote from a guy who’s made a tidy sum in the stock market, you may have heard of him, Warren Buffet. As the Wall Street rollercoaster ride continues and the nation nosedives into recession uncertainty abounds. Still, some things are knowable. Host Rob West gets some educated predictions from investing expert Bob Doll. Bob is the senior portfolio manager and the chief equity strategist at Nuveen Asset Management.
• This recession will be unprecedented: deep, painful and rapid. But on the bright side, the slowdown isn’t coming from structural imbalances and policymakers around the world are responding swiftly. We expect growth will start to recover later this year and into 2021.
• Stock markets are likely to remain volatile, and we’ll likely retest the lows from a couple of weeks ago. But we also believe prices will be higher one year from now, which could create buying opportunities.
• Nearly every central bank in advanced economies has cut interest rates to zero or below as the reflation move takes hold and central banks have become the lenders of last resort.
• We take solace in the fact that most of the major world economies were in decent shape before the COVID-19 pandemic and this current crisis was not caused by broad structural economic problems.
• Economic recovery will be aided by the largest blast of policy stimulus any of us has ever seen.
• Equities have likely seen their primary low and are now in a volatile whiplash pattern. We think a secondary low is likely.
• Stock prices and interest rates will likely be higher one year from now.
In today’s show we also answer your questions:
• I recently went through a divorce and am faced with a huge amount of taxes. Can you help me sort this out?
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