Bob Doll Talks BlackRock's Book In The WSJ

Several days ago, BlackRock's chief equity strategist, the renowned Bob Doll, wrote an editorial in the Wall Street Journal entitled The Bullish Case for U.S. Equities.

It would have been more aptly entitled,

'Please Buy U.S. Equities and Help My Book.'

Doll's central point is that, compared to the rest of the globe, US equities look pretty good. So by all means, buy them!

Sounds enticing, doesn't it?

Only one thing- Doll forgot to speak to the continued deleveraging of global economies.

Is it really a good idea to go long, now, in US equities, if, as presaged by the recent Eurozone crisis, it seems that economies the world over are having to accept lower growth, higher taxes and less leverage than in decades past?

I would venture to guess that Doll wrote the piece not for retail investors, but for the lesser lights of institutional money management around the globe.

After all, if the equity CIO of esteemed BlackRock says buy US equities, can you later be blamed for following his advice?

In equity management, like it or not, gains result from being early and, at first, wrong, into equity positions into which more investors later stampede.

If you're Bob Doll, you can help trigger that stampede- in the direction of the equities already in your portfolios.

I think he just did.