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BlackRock's Bob Doll Says US Stocks Are "Pretty Cheap"

Tyler Durden's picture




 

Apparently after losing Blackrock tens of billions through the firm's holdings of BP and various drillers, Bob Dolls has not only not been fired, but according to RanSquawk was heard somewhere (indicatively, not even CNBC wants to listen to his gibberish any more), saying that stocks are "pretty cheap." Good - he can buy up all the 330 million shares that the Bank of Norway is rumored to be selling. If Bob thinks stocks are pretty cheap here, we hope he has enough dry powder to LBO the entire market when the S&P is trading at 300 or lower.

 

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Thu, 06/10/2010 - 08:52 | 405633 The Rogue Trader
The Rogue Trader's picture

what a Fucktard he is

Thu, 06/10/2010 - 09:32 | 405704 Cognitive Dissonance
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BlackRock's Bob Doll Says He's "Pretty Cheap"

"Hell, I buy and sell my ass two or three times a day to the highest bidder. I'm a whore and I'm lovin' it."

Thu, 06/10/2010 - 10:00 | 405748 BlackBeard
BlackBeard's picture

+100 for saying what everyone else was thinking.

Thu, 06/10/2010 - 08:53 | 405634 TraderMark
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I don't think this is new Doll commentary every week

 

I am now convinced this is just a running loop of a video from 2007 and they dub in some audio of recent events every so often to make it 'fresh' and sound like its a new video. 

Thu, 06/10/2010 - 09:03 | 405649 John McCloy
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Right on. This tool has been singing the same song since November. We get it Bob.

Thu, 06/10/2010 - 09:10 | 405661 Cursive
Cursive's picture

They don't call him "Wind-up" Doll for nothing.  Just pull his string and he says the same 8 lines over and over.

Thu, 06/10/2010 - 09:18 | 405674 Divided States ...
Divided States of America's picture

Yeah, he's definitely some ventriliquist's dummy-'doll'.

Thu, 06/10/2010 - 08:54 | 405635 E pluribus unum
E pluribus unum's picture

Wait until next month....they'll be even cheaper!

Thu, 06/10/2010 - 09:01 | 405647 Joe Shmoe
Joe Shmoe's picture

Funny.  

Thu, 06/10/2010 - 08:59 | 405642 Chemba
Chemba's picture

LOL.  I remember Bob Doll, every other day through 2008 telling CNBC that the market was "forming a bottom"

Thu, 06/10/2010 - 09:00 | 405644 Joe Shmoe
Joe Shmoe's picture

How the fuck are they cheap?  According to Schiller's p/e formula (the best, I think) that takes the "e" as trailing ten year average actual earnings, the current p/e is over 19, while the average is 15.73.   And further, long term bull markets start from below the mean (of 15.73) at places like 5 or 6...  We have a ways to go.  Dow 7000 is fair value according to this, so will likely overshoot to the downside before it reverts upwards?

Thu, 06/10/2010 - 09:02 | 405648 Rider
Rider's picture

"has enough dry powder to LBO the entire market when the S&P is trading at 300 or lower"

LOL

This is the reason you will never shine in the mainstream media Tyler.

+1 Tyler

Thu, 06/10/2010 - 09:11 | 405663 Cursive
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e cred > MSM adulation

Thu, 06/10/2010 - 09:45 | 405721 Cheeky Bastard
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+100^50.1

Thu, 06/10/2010 - 10:13 | 405722 Cheeky Bastard
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dubs

Thu, 06/10/2010 - 09:04 | 405652 The Franchise
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Bull market... they are missing a word starting with "s" that sounds like chit and rhymes with "it".

Thu, 06/10/2010 - 09:04 | 405654 Wynn
Wynn's picture

1930 all over again

Thu, 06/10/2010 - 09:08 | 405657 SteveNYC
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Shouldn't be Bob Doll, should be Bob Tool.

Thu, 06/10/2010 - 09:10 | 405662 I need more asshats
I need more asshats's picture

Bob Doll and Abby Joe. Civic leaders of Bulltardville.

Thu, 06/10/2010 - 09:18 | 405671 Divided States ...
Divided States of America's picture

test

Thu, 06/10/2010 - 09:18 | 405672 morph
morph's picture

So I guess they'll be buying more BP shares then?

Thu, 06/10/2010 - 09:20 | 405678 fightthepower
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Bob Doll is the most useless, worthless person they put on CNBC.  Has he ever given out any useful information?  What is his god damn problem?  Is he trying to mislead people?

Thu, 06/10/2010 - 10:02 | 405752 MarketTruth
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That may be a bit extreme, CNBC is till FILLED TO THE BRIM with the most useless, worthless people who are there simply to pump the sheeple out of money. Admitted (illegal) stock manipulator Cramer just pumped out about 30% from the pockets of sheeple who bought BP. Now there is a nice theft in the course of a mere week or so. If CNBC can simply keep stealing only 10% per week from sheeple as a way to transfer money to Goldman Sachs, JPMorgan, etc then all is well. Ok, so the sheeple are then broke and collecting food stamps, yet JPMorgan is the bankster in charge of that program so it is a win-win... for the banksters.

You have to think holistically here folks. When you lose the bank and system wins. Of course CNBC is all for the system, not you loser sheeple. Now do as CNBC says and get out there and buy buy buy because the market has never been cheaper.

 

Thu, 06/10/2010 - 09:30 | 405698 Edna R. Rider
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I would be very surprised if Bob and his Blackrock friends weren't able to engineer a pretty big squeeze over the next few days.  A lot of government money goes a long way in a shallow market.

Thu, 06/10/2010 - 09:34 | 405712 Assetman
Assetman's picture

Bob Doll could very well be right... but by looking at past valuations, he makes some naive conclusions.

I don't care if stocks are "cheap".  I'm concerned whether they can retain their value now, and create more value in the future.  Investors are discounting stocks based on what they see in the future.  It appears that the future has just begun to take another turn for the worse.

Let's not tell Bob Doll about it, and after the next 30% leg down, he can tell us that the market is in a "bottoming process".

I'm just surprised that they let anyone who looks so foolish make so much money.

Thu, 06/10/2010 - 09:50 | 405731 Pladizow
Pladizow's picture

Stocks can always become cheapererererererer!

If he was fired it was after his appearence on Kudlow last night.

Thu, 06/10/2010 - 10:12 | 405772 Apocalicious
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If cheap is defined as less expensive than previously, well then he's stated a fact. Stocks were also cheap in October 2008, November 2008, December 2008. Hey, I'm a genius here. Put me on TV, too!

Thu, 06/10/2010 - 10:42 | 405861 Remington IV
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Like giving a machine gun to a monkey

Thu, 06/10/2010 - 10:52 | 405887 thegreatsatan
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Bob Doll predictions for 2010:

  • S&P 500 probable level of 1250
  • Sees emerging markets outperform developed markets
  • Sees U.S. outperforming other developed markets
  • Sees possible earnings growth of 20% Plus
  • U.S. economy grows at an above trend 3%
  • Job growth turns positive early in the year but unemployment remains high
  • Sees inflation as a non-issue
  • Expects rates to rise at all points on Treasury curve including Fed funds
  • Stocks outperform cash and treasuries
  • Likes health care, tech and telecom — Underweights financials utilities and materials
  • Merger activity picks up due to strong cash flow and slow growth
  • GOP makes gains in House and Senate but Democrats continue to control Congress

 


Thu, 06/10/2010 - 10:57 | 405905 bugs_
bugs_'s picture

"Stock prices have reached what looks like a permanently high plateau."

Thu, 06/10/2010 - 11:05 | 405935 Hephasteus
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Peak dow pump monkey. This one went to 11 for a while till it blew logic capacitors.

Thu, 06/10/2010 - 11:09 | 405951 Grand Supercycle
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The EURO breakout I suggested yesterday, has made its move ...

http://stockmarket618.wordpress.com

http://www.zerohedge.com/forum/latest-market-outlook-1

Thu, 06/10/2010 - 11:20 | 405965 Ripped Chunk
Ripped Chunk's picture

CNBC??  Yes I guess I need to realize the fact that investors are still watching this circus side show every day.

I know they are because I sat next to a "day trader" at my Son's HS sports award banquet a week or so ago and after chatting for a while I realized He really had no idea about what is actually going on. He had just finished Hank Paulson's book though and was very anamored with it. Quoting passages etc.

I see now when it is too late what we are up against

Thu, 06/10/2010 - 11:23 | 405967 pitz
pitz's picture

Blackrock's "holdings" of BP are mostly on behalf of their customers who own iShares ETFs, which are index funds.  Get your facts straight please before psychotically ranting that "Bob Doll" is holding and losing a bunch of money for investors. 

Thu, 06/10/2010 - 11:25 | 405975 pitz
pitz's picture

BTW people, keep deluding yourself that the stock market is expensive, or overvalued.  Gives me more cheap stock to buy.  The real bubble is in bonds and in cash.

Thu, 06/10/2010 - 11:45 | 406030 Assetman
Assetman's picture

I agree about you sentiments on bonds and cash... they are bubblelicious.

But I hope you realize what you just said isn't mutually exclusive.  If you want to buy stocks now, that's fine.  I will come in and buy them even cheaper in the future.

Thu, 06/10/2010 - 12:56 | 406245 pitz
pitz's picture

Yeah, its kind of a, "would you prefer death by firing squad, or by lethal injection" problem.  The difference between losing, say, 60-70% (if one stays in cash/bonds), versus losing 30-40% (if one stays in stocks), for instance.

What exactly would you use to buy stocks cheaper?  Your labour?  Because if you accept that cash/bonds are in a bubble relative to stocks, you sure won't be able to use those to buy stocks cheaper.

 

 

Thu, 06/10/2010 - 14:13 | 406463 Assetman
Assetman's picture

What exactly would you use to buy stocks cheaper?  Your labour?  Because if you accept that cash/bonds are in a bubble relative to stocks, you sure won't be able to use those to buy stocks cheaper.

There are 2 things you are missing here-- time and store of value.

If you are confident that stocks are adequately "cheap", coverting your store of value (gold, silver, cash, your cow Betsy) to common stock would be the way to approach it.  Cash, by the way, did serve as a decent store of value in the Depression years-- you just couldn't make a return on it stuffed in a mattress.  It's better to have numerous items that serve as a good store, though.

As for time, I never mentioned WHEN buying those stocks would be a good idea.  It all depends on how our political leaders steer things.  Right now, I'm not encouraged.  Stock values could well be much lower 2 years from now, versus 3 months.

Thu, 06/10/2010 - 15:36 | 406742 thegreatsatan
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cash, gold, stocks all pale in comparison to whiskey

Thu, 06/10/2010 - 11:26 | 405976 pitz
pitz's picture

delete plz

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