Good News For 2011: Stocks Are Cheap!

 "As 2011 begins a little perspective is in order. The global economy has been accelerating over the last six months--just as most expected it to slow or sink into a double-dip recession. Sentiment remains skeptical at best, and the signs of progress are still being ignored. Pretty much everyone is still fretting over an anemic recovery.

But emerging markets--all together bigger than America and more than a quarter of global GDP--are growing at a whopping average of at least 6% annually. U.K. manufacturing is growing at the fastest rate since 1994. India's infrastructure growth, according to UN data, is hitting alltime records. China's economy is booming. Yes, there are weak pockets (southern Europe, Australia, France), but someone always lags. The U.S. nominal GDP is at record highs, and virtually no one notices. It adds up to a serious case of false fears. It's bullish music to my ears."

Ken Fisher