Anthony Bolton, president of investments for Fidelity International, predicts the global rally in stocks will continue for a long time.
Stocks will benefit from low interest rates, low valuations and investor optimism, he said in a speech.
“Despite the fact that markets have risen well off their lows, I think we’re in a bull market I expect to go on. It’s a multi-year bull market.”
Bolton recommends that investors buy technology and financial stocks.
The MSCI World Index, which encompasses developed country stocks, has soared 69 percent from its March low. And the MSCI Emerging Markets Index has risen more than 100 percent.
Bolton maintains that China will continue to lead the rally.
“I expect the Asian region including China to continue serving the role of growth engine for the world economy. For China’s market, there’s a possibility of a correction, but the long-term outlook is still bright.”
The Shanghai Composite Index has surged 69 percent this year.
“The relative growth being seen in some emerging markets is going to look particularly attractive against the low growth in the West,” Bolton said.
“I particularly like emerging markets that can be driven very much by domestic demand.”
Not everyone is bullish.
"Sellers have entered the market, but buyers have stepped away," Mary Ann Bartels, head of U.S. market analysis at Bank of America/Merrill Lynch, told Time magazine.
"When that happens, we have to question the sustainability of the rally."
© 2013 Newsmax. All rights reserved.