Surprise! Mutual Funds Aren't Driving The Market
Deutsche Morgan Grenfell Chief Economist Edward E. Yardeni could not be more confident about his prediction for the U.S. stock market: "Dow 10,000 by 2000," he boldly states. To Yardeni and a vast array of other market commentators, the reason for the market's strength can be boiled down to two words: mutual funds. "Mutual-fund investors are doing to stocks in the 1990s what they did to real estate in the 1980s, sharply marking up prices," says Yardeni.
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