Forget the Dip, Great Rotation Is Coming: Belski

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Dec. 3 (Bloomberg) -- Brian Belski, Chief investment strategist at BMO Capital Markets and Bill Harris, CEO at Personal Capital, discuss investors’ strategies in the current market and why we are not experiencing a bubble in equities. They speak on Bloomberg Television’s “Bloomberg Surveillance.”

It brilliantly captures the mood.

It has been the whole year.

Fantastic paraphrase.

It has been all year long.

I have waited for a correction and it has not come.

Welcome to the bull market.

A lot of people are waiting to be too cute.

The problem is that you have a hedge fund community that are dramatically underperforming.

The active investing crowd are doing pretty well this year because they are basing most of the decisions with respect to their individual stock ratings on fundamentals.

You do admit that when you do see fed tapering we could see a bit of a pullback and that is the question for the retailer investor.

If they enter the market and then the fed tapers, that could erode the confidence.

Here is the issue with the retailer investor.

They are not engaged anyway.

Maverick is not engaged.

The retailer investor waiting around for a dip -- you want to try to easing.

The big trend over the next year.

We are talking about confidence.

The next trend is to transition the multi-trillion dollars of fixed income on the books of consumer north america into not just the great rotation in equities, but into several transactions.

Do you see that right now?

We are in december and people have slipped into the holiday season, are you seeing tangible flows into equities?

It will be interesting to see what happens in december with all of the retail spending.

Pretax money they are.

You have to be in financials.

I want to bring in bill harris.

He has seen a couple of bubbles and his time.

Are a lot of people criticizing the current market is published for internet technology stocks do you agree?

I do think there is some frothy mess.

-- frothiness.

What is different now?

The fever is not as high.

In march of 2000, the fever was very specific to tech stocks.

Today it is a very broad-based event.

There was a massive ms.

Call in 1999 -- miscall in 1999. amazon did not have any profits then.

I don't think that the miscall in 1999 was that they were misreading current profits, they were misreading profits five and 10 years out.

We were talking much more about e-bit.

We just despise when anybody says bubble.

It to have a bubble, you must have access.

In 1999, it was easy to buy tech stock.

In 2007, it was easy to get credit.

Those are bubbles.

Here is a bubble.

When the floor manager of our show starts asking about into it, that is when i know it is a bubble.

That has not happened.

We have a lot to talk about here.

Here is company news.

The u.s. movie theater chain owned by china's riches man is going public -- richest man is going public.

Amps he was bought last year for $2.6 billion -- mamc was bought last year for two point $6 billion.

A partial victory for bp -- an

This text has been automatically generated. It may not be 100% accurate.


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