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COPYRIGHT 2001 The Miami Herald
Byline: Gregg Fields
Feb. 26--Wall Street's sages are quite disconnected from individual investors these days. The pros see the turbulent market as setting the stage for better times to come. The individuals are not at all sure that's correct.
The famed Abby Joseph Cohen at Goldman Sachs told investors Thursday that she does not see "an intractable recession" looming. She still thinks corporate profits for the Standard & Poor's 500 will advance 7 percent this year and even more next year. Meanwhile, Robert Stovall, Prudential Securities' market analyst, started talking about a "stealth bull market."
Other pros are reading the signs in a similar way. "With all the poor economic news right now, it's probably hard for average investors to see the buying opportunity, but that's what we have," Alfred Kugel, chief investment strategist at Stein Roe & Farnham, a Chicago mutual fund firm, said in the press last week.
You and I, we're far from convinced, especially after watching the market lose more ground last week. "Investor confidence continues to get shaken to the bone" by these profit warnings,...
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