Birinyi Cautious, But Still a Bull

Laszlo Birinyi says he thinks we’re still in a long-term bull market, but he’s being a bit more cautious these days. Birinyi also tells Bloomberg that he thinks the S&P 500 looks more attractive than the Dow Jones Industrial Average and Nasdaq Composite. He talks about the four phases of bull markets, saying that we’ve been through the “consolidation phase” and are now in the third phase, in which people accept that the bull is “for real”. One reason he’s optimistic: He says current bullish arguments can be backed up by facts and data, while current bearish arguments seem to be based on broad speculation.