Top strategist Jim Rogers says the economy is shifting from one that is driven by the financial sector to one that will be driven by commodities. Rogers tells CNBC that farming will be a “fantastic” place to be going forward. He also says he owns stocks in Japan and a few other places, though he doesn’t like Japan’s recent currency debasing efforts. Rogers is short long-term government bonds, but he says he’s not sure that a real bull market will emerge in stocks, calling the recent market gains “artificial” due to money printing. Bob Doll of Nuveen Asset Management says, meanwhile, that he agrees with much of Rogers’ contentions, but that the “powerful wall of liquidity” being provided by central banks around the world must be respected — and right now that wall of liquidity is a bullish force for stocks. Doll says he sees relative value in stocks, noting that dividend yields for about 50% of S&P 500 companies are above the yields on treasury bonds.
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