Michael Novogratz, head of liquid markets at Fortress Investment Group LLC, said U.S. stocks could end the year up 25 percent to 30 percent.
“There is nothing on the horizon that gets me scared,” he said in an interview today with Erik Schatzker on Bloomberg Television.“Things are healing in the U.S.”
The Standard & Poor’s 500 Index has risen 14 percent this year. The U.S. benchmark climbed 0.3 percent today at 12:10 p.m. in New York as Whole Foods Market Inc. and Electronic Arts Inc. raised earnings projections.
Novogratz said he expects the Japanese yen to continue to weaken against the dollar, adding that it could reach 120 per dollar by the end of the year. The yen, which was trading at 98.84 today in New York, has weakened more than 20 percent against the U.S. currency in the past six months amid expectations of expanded monetary easing by the Bank of Japan. The country is currently the best place for macro-economic investing, Novogratz said today during a panel discussion at the SkyBridge Alternatives Conference in Las Vegas.
Novogratz said he could see selling all credit in the next 18 months, and said it was a good time buy so-called tail-risk protection because it’s cheap.