Amazingly, James Glassman, who famously wrote a book called “Dow 36,000” back in 1999, is back.
In a new piece up on Bloomberg View he says Dow 36,000 is attainable again.
So what’s his argument?
Glassman (who is the head of the George W. Bush institute) notes that the market has rallied 117 per cent since the last low, and that another 117 per cent rally would put us just 16 per cent away.
This can be achieved, he says, by a further receding of fear, which could cause a 50 per cent rally in the stock market just by expanded PE ratios. And then beyond that, a return to old growth trends could get us the rest of the way.
(Via Ryan Avent)
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.