A New York investment manager has predicted when the bull market will end.
"I believe it will happen the last Tuesday of February or first Tuesday of March 1999," said Bluford Putnam, president of CDC Investment Management Corp., a fixed-income and equities manager.
That's the time the Federal Reserve is scheduled to meet and decide the discount rate and the target Federal Funds rate, he said.
"Low inflation is a powerful thing for markets. Once inflation starts to rise, the Federal Reserve will raise interest rates. That's the other shoe that has to drop. Then we can kiss those 24 times earnings goodbye. If your costs aren't under control and you aren't well risk-controlled, you're going to be dead," Mr. Putnam predicted.
He made his remarks recently in Philadelphia at a conference hosted by the Association for Investment Management and Research.