Remember When Obama Said 'Buying Stocks Is A Potentially Good Deal'?
REUTERS/Brendan McDermid
"My estimation is you've got a lot of savvy investors out there," he said. "You got people who recognize that what goes up can come down as well. I'll leave it up to them to make determinations about whether valuations and stock prices are too high. I'm more concerned about the day-to-day fundamentals. And if we get those fundamentals right, then I'm pretty confident that we can do very well in the next decade."
So, that's not much. But it's not nothing. Presidents don't usually talk about stocks.
In a new note to clients, Goldman Sachs' David Kostin remembers another time Obama talked about stocks. From the note:
Some investors may remember Obama's previous equity valuation comment from March 3, 2009 when the S&P 500 traded at 696: "On the other hand, what you're now seeing is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it." Since his observation, the S&P 500 has soared by 185% and this week reached a new all-time high of 1988.
March 3 was six days before the S&P 500 hit an intraday low of 666.
That was a pretty extraordinary call.
Yahoo Finance
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit