One needs to be following the smart money!
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May 20 (Bloomberg) -- Steve Leuthold, who turned bullish this year after profiting from the equity market rout in 2008, said he may invest almost 70 percent of some funds in stocks as the economy stabilizes.
He’s betting that large investment firms, which have cut equity holdings, will put more of their assets in U.S. stocks in an effort to avoid underperforming the Standard & Poor’s 500 Index as the market continues to rally. Leuthold, who spoke in a Bloomberg Television interview, also said he’s buying gold, silver and Asian stocks on speculation the dollar will weaken.
Leuthold’s Grizzly Short Fund returned 74 percent last year as the S&P 500 posted the steepest annual retreat since 1937. He turned bullish in March, five days before the index sank to the lowest level in 12 years, telling Bloomberg TV that “every investor ought to be considering putting money into equities.” The measure has surged 30 percent since then, approaching his prediction of 1,100.
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