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November 23, 2010

Long-time bear turns bullish on stocks

  • Wall Street's favorite pessimist, Richard Bernstein, is out telling people it's a great time to buy small-company stocks.
    • By MATTHEW CRAFT
    AP Business Writer

    Whatever happened to Richard Bernstein, Wall Street's favorite pessimist? He's an optimist now.

    The former chief investment strategist at Merrill Lynch built a reputation as a contrarian throughout the 2000s, the era of cheap credit. As home prices soared, Bernstein saw a bubble and told investors to abandon homebuilding stocks. When subprime mortgages started to sour, he warned of the danger to banks. His skepticism earned him the ire of stock boosters. Bernstein was thought of as the guy ready to rain on any parade.


     
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