"This is a market that's destined to go higher," he said."We could have new highs before the end of the year."in early March in response to the coronavirus threat, rationalized his shift from bear to bull.
"I did not appreciate what the Fed's actions to support the market were gonna do to the retail community," he said. "There has been a massive flood of money" from retail investors, he continued, because they believe that markets"always go up, you can't lose, the Fed is there."How to navigate a chaotic market: Exclusive video discussion with 3 top Wall Street stock strategists
The retail inflows show few signs of stopping and threaten to inflate an already overvalued market, Bianco added. The frenzy could be halted by a second wave of coronavirus infections, a sluggish economic recovery, or a change in the Fed's behavior, he cautioned.Apple is facing rage and insurrection from developers over the commission it charges apps on the App Store »
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Just a bunch a fools, collectively.
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