Salient to Investors:
David Einhorn said long positions exceeded shorts 29 percent as of Jan. 31 versus 39 percent on Jan 1, 2013, and has become less enthusiastic as the market rises while the US has slowed – GDP went negative in Q4 2012 and earnings growth has come to a virtual halt.
Ray Dalio at Bridgewater Associates is bullish on stocks, oil, and commodities, expecting cash to shift to riskier asset classes amid increased economic confidence. David Tepper at Appaloosa Mgmt and David Rubenstein at Carlyle Group are positive on the US economy.
ICI reports investors added $37 billion to equity funds in January, the most since 2004. Birinyi Associates says tech and financial institutions received the biggest inflows.
Quarterly earnings grew 3.6 percent on average in 2012 versus 28 percent the previous 2 years, while analysts project a 1.5 percent contraction in Q1 profits and 6.7 percent growth for 2013.
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