Tags: Hyzy | bull | market | over

US Trust's Investment Chief: This Bull Market Has Barely Begun

Monday, 25 Aug 2014 06:01 PM

By Dan Weil

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The S&P 500 has nearly tripled from its March 2009 low, reaching another record high Monday and topping the 2,000 milestone during the trading session. That has some analysts worried that the five-year bull market is nearing its end.

But Chris Hyzy, chief investment officer of Bank of America's U.S. Trust unit, isn't nervous. He thinks the upswing is just 25% done, and has another 15 years to go. 

"I know it sounds easy to say," Hyzy told CNBC. "This is an elongated business cycle. You're going to have fair value through most of it. You're not going to get a lot of overvaluation." 

Editor’s Note: Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

So where are the investment opportunities? "M&A is running wild," Hyzy said, referring to mergers and acquisitions. "But the key to all of this is the manufacturing in the next decade. It's already happening."

 He cited exploding U.S. oil and gas production, for example. "The private sector's piercing through whatever restrictions are being put out there, and you've got technological advancement that we haven't seen since the early 1990s." 

Many individual investors share Hyzy's enthusiasm for stocks, at least for the short term. 

The American Association of Individual Investors (AAII) survey of its members for the week ended last Wednesday showed that 46 percent are bullish on stocks for the next six months. That's the highest level since Dec. 26 and up from 40 percent a week earlier.

A total of 24 percent of respondents are bearish, the lowest since late June and down from 27 percent a week earlier.

Editor’s Note: Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

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