Investors need to get back into the market to save for retirement. Or so says Robert Reynolds of Putnam Investments. But the past 12 years have been devastating to those who embraced the buy and hold market strategy.
In the 80's; tax rates were coming down, regulations were being cut, inflation was coming down from 15% to 2% and interest rates were plummeting from 20% to 6%.
Today we see the exact opposite occurring. But Mr. Reynolds says there is cash on the sidelines (which is bull crap) and that earnings will have a better year in 2011 than in 2010. He also says that "the market climbs a wall of worry" and that investors should "dollar cost average" and that he is "very, very bullish." No real facts to give you. Just the idea that he likes the market. Oh, he also thinks the market looks attractive from a value standpoint.
What keen insight! With such trite sayings coming from the CEO of Putnam Investments, it's no wonder the average investor has given up on Wall Street.
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