By Dan Weil
Robert Doll, chief investment officer for equities at money management giant BlackRock, thinks financial stocks have bottomed, though the industry isn’t out of the woods yet.
“We are less underweight financials than we were,” he tells CNBC.
“We think financials have indeed bottomed. But… on any rally we see of longer term nature, the financials will go up less than the market.”
That’s because “we still have asset question marks,” Doll says.
“Until we get more time, more write-offs, more capital raised, we think there will be bumps along the way in financials.”
Doll says housing will likely bottom in the second half of the year.
“Without that, it will be tough to have a sustained rally in equities because it will be tough to have a recovery in the economy.”
more in:
http://moneynews.newsmax.com/streettalk/black_rock_financials/2009/05/20/216326.html
Ruin-Nation
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