Where To InvestJeffrey M. Laderman
Only six months ago, the pros were lowballing their forecasts for 1995. After the shellacking they took last year, most would have been happy to score single-digit gains in stocks and bonds--and they planned their strategy accordingly. But markets have a way of turning pros into pikers. Indeed, perhaps because expectations were minimal, the markets raced ahead at maximum speed. "Was anybody forecasting 4500 on the Dow, 6.8% on the long bond, 80 yen to the dollar?" asked Nicholas Knight, chief strategist at Nomura Research Institute Ltd., during a speech given to a recent gathering of investment managers in Zurich. The response: a few embarrassed giggles.
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