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Magellan's Stansky Near-Term Wary His "Best Buy' Rose 74% Manager sees many stocks with elevated valuations amid soft earnings growth.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: PAUL KATZEFF
Worried that the market won't recover from its case of the blahs soon?
Small comfort, but you are hardly alone. So is Robert Stansky, manager of $72 billion Fidelity Magellan Fund.
"It's difficult to get too excited about the market in the near term," he said.
One reason, he says: Stocks are still at high valuations. Another reason: Corporate earnings growth will be subdued. They're being held down by the economy's sluggish rally.
But that economic weakness may contain the seeds for a market rebound, Stansky adds.
"Some of the best periods of stock market performance actually have occurred during periods of declining or sluggish earnings growth," Stansky said. "That's because if earnings grow too robustly, the Federal Reserve Board might be more tempted to raise interest rates to stem inflation, which historically has not been good news for the market."
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