Tja, gewisse Aktien steigen ja schon, aber vielleicht nicht unbedingt diejenigen, die der typische Kleinanleger hält,

bemerkt Ecki1

``We think stock prices will be rising from current levels,'' Cohen said in an interview with financial cable channel CNBC.

Wednesday March 7, 12:18 pm Eastern Time

Goldman's Cohen to Investors: Buy Stocks

By Nick Olivari

NEW YORK (Reuters) - Goldman Sachs stock guru Abby Joseph Cohen, one of the bulls driving the record 1990s stock market surge, told clients on Wednesday to buy more stocks, her clearest recent signal she thinks the yearlong slump is over.

Cohen, chief investment strategist at Goldman Sachs Group Inc. (NYSE:GS - news), raised the equity allocation in the bank's model portfolio to 70 percent from 65 percent, and reduced the cash position to zero from 5 percent.
The fixed income component was left unchanged at 27 percent, she said in a note to clients, also recommending a 3 percent allocation for commodities. She did not change her year-end targets for the major stock indices.

``Many of the imbalances identified during the past year have now been largely redressed,'' said Cohen, who has attempted to ease investor concerns about the stock market's decline in recent months. ``Risk tolerance has been replaced by risk aversion.''

Cohen's recommendation helped push up blue chip stocks slightly on Wednesday, with the Dow Jones industrials average gaining 0.5 percent, to 10,641.81 in Wednesday morning trading, while the S&P 500 gained 0.1 percent, to 1,254.78.
``We think stock prices will be rising from current levels,'' Cohen said in an interview with financial cable channel CNBC.

Cohen, long identified with the 1990s bull market, joined Merrill Lynch's David Bowers and Morgan Stanley Dean Witter's Jay Pelosky in advising clients this week to buy U.S. stocks, following months of sharp declines, a slide prompted by concerns about the slowing economy and profit growth.

She said that the sources of concern one year ago included ''too rapid'' economic growth and moderate overvaluation of the widely followed Standard & Poor's 500 index. She also cited the wide disparities in equity valuations, concern about earnings and high price-to-earnings ratios, and high margin debt balances.

Moderate overvaluation of the S&P 500 has been followed by notable undervaluation, she said, while margin debt has fallen as portfolio cash positions have increased.

Money managers were not surprised that Cohen increased her equity stake.
Cohen ``has a fundamental outlook rather than technical and the pullback has reduced valuations significantly,'' said Joe Stocke, a money manager with Malvern, Pa.-based StoneRidge Investment Partners LLC, which oversees $930 million in assets. ''It's reasonable for her to increase her allocation.''

Cohen said that attractive equity valuation have been restored, and she reiterated her year-end 2001 forecasts of 1650 for the S&P 500, and 13,000 for the Dow average.

``These targets are provided to offer a sense of direction and magnitude, not precision,'' she said in the note.

Cohen advised clients to have a ``slight overweight'' position in financial service stocks, noting the sector accounted for 17 percent of the S&P 500 index.

Cohen also favored energy-related stocks, some economically sensitive issues and those offering ``good value,'' including technology, consumer cyclicals and basic materials.

The bank's recommended technology weighting is 27 percent and 5 percent for telecoms. The bank's technology team estimates information technology spending to grow 5 to 10 percent in 2001, though much may be deferred to later in the year, Cohen said.

While investors were now concerned about the economy, Cohen anticipated the current economic deceleration won't lead to an intractable recession.

The U.S. economy still benefited from favorable long-term trends: the world's most productive work force, well-managed companies, mild inflation and a large federal surplus.

Still, ``We will be paying keen attention to the developing details of the new federal budget, with hopes that lawmakers do not put too much faith in ten-year forecasts,'' she said.

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Mit diesem Statement hat sie sich etwas sehr weit aus dem Fenster gelehnt! Wo war Abby, bevor es runterging bei den TMT-Stocks?
Dazu diese finster-patriotischen Gesänge a la"most productive workforce"...

Wo sind die Risiken neben all den Schwärmereien von Surplus (fallende Gewinne sind schon Konsens -> fallende Steuereinnahmen -> weiteres Surplus? -> Wer finanziert den Tax Cut?), den"well managed companies" (etwa so wie aktuell Yahoo, Oracle, Sun, IBM?), den"niedrigen Preissteigerungen" (ach ja?! höchste PPI und CPI-Zuwächse seit Jahren, bei fallendem Wachstum!)?

Was ist mit den hunderttausenden Entlassungen, quer durch alle Branchen, zudem gerade in den angeblichen Produktivitätstreibern der New Economy? Was ist mit den rapide einbrechenden Vertrauensindizes, mittlerweile auf Rezessionsniveau? Mit all den vielen faulen Krediten, die zunehmend schimmeln und an allen Ecken nach oben treiben (aktuell: Yahoo ließ sich in Dotcom-Aktien bezahlen, die jetzt wertlos sind)?

No, Abby! Das wird nichts! Damit hast Du Dich als der Irving Fisher des neuen Jahrtausends beworben. Wir werden noch viel zu lachen haben. Es wird Abby und ihrem GoSa-Club nicht mehr gelingen, ihr Material noch teuer loszuwerden. Die Kauflaune hielt sich ja ziemlich in Grenzen. Das Vertrauen ist zu stark beschädigt.

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>Money managers were not surprised that Cohen increased her equity stake.

Na logo!

>Cohen ``has a fundamental outlook rather than technical and the pullback has reduced valuations significantly,'' said Joe Stocke,

"reduced valuations signifcantly"??????? Ein KGV beim Nas100 von 800 - von 165 oder so vor einem Jahr! Die spinnen, die Römer.

>While investors were now concerned about the economy, Cohen anticipated the current economic deceleration won't lead to an intractable recession.

Ja, Abby weiß es besser.....

>The U.S. economy still benefited from favorable long-term trends: the world's most productive work force, well-managed companies, mild inflation and a large federal surplus.

YES, MRS. FISHER.

>Still, ``We will be paying keen attention to the developing details of the new federal budget,

Wohl SchlauFuchs' Ãœbersetzung heute nicht gelesen.

Die Verar...... geht mit Volldampf weiter.


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