Josh Brown: One Thing Will Drive the Market Higher in 2013
Blogger (The Reformed Broker), author and CNBC commentator Joshua Brown was speculating on the direction of the market in the coming year. Saying all of the hard decisions on the debt ceiling have been pushed, and the first quarter earnings estimates are probably too high, Brown pointed to something more important that is happening.
Brown said there is a massive re-allocation out of fixed income, at least at the very short end right now. “What you’re seeing is all types of different sectors benefiting,” Brown added. This year we have much more room to run and we shouldn’t be talking about when it’s over yet, Brown concluded.
A year ago, Brown said his favorite stock for 2012 was Arcos Dorados Holdings Inc. Cla (ARCO) [link]. ARCO was down 41.7% in 2012.