BlackRock's equity chief Boll Doll is on CNBC this morning talking his generic book- again.
This time, I happened to hear Doll contend 'I don't think we've actually ever seen a double dip recession.'
Now, I've heard quite a handful of eminent economists, Nouriel Roubini included, appear on CNBC last week to weigh in on the US economy. Many feel that growth has faltered, a full-blown recovery is not underway, and there is a fairly good chance that US economic activity will decline again shortly.
Call it what you will, these economists, with less at stake in the equity markets than Doll, seem quite a bit more sanguine.
Doll, by contrast, seems to be cheerleading in every CNBC appearance. He never sees a falling market, only one requiring patience, or preservation of cash for subsequent buying. It's like BlackRock has decided as a matter of policy that they will never call a down market or a market crash.
Bad for business. Especially when you are mostly long and don't want your CNBC morning forecast to destroy your own equity positions by the time the opening bell rings at 9:30AM.
Which reinforces my tendency to take the views of very prominent equity managers like Doll, with substantial publicly-accessible funds, with a great amount of scepticism. They simply have too much at stake in the market to speak candidly.
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