Hedge fund manager Barton Biggs was on Bloomberg, and he’s bullish.Following yesterday’s big selloff, he urged investors to buy aggressively today. So far that’s not working out great, but you can’t judge a call based on a couple hours of trading.
Some points made by the Traxis Partners founder:
- People are panicking. So it’s time to buy.
- He’s been stunned by the ineptitude of politicians.
- Clearly the economy needs higher taxes on the rich, and a higher retirement age.
- “The Fed isn’t gonna sit on its hands indefinitely.”
- This morning, stocks are buy.
- Buy dollar-denominated stocks… buy technology stocks, buy manufacturers like Caterpillar and Deere. Buy the great consumer growth stocks, like P&G and Coca-Cola.
On The Fed, he expects a “different QE3”: Buying mortgages and also single-family homes!