Willett Advisors' Rattner: Stock Market's Bull Run 'Pretty Near its End'

Friday, 22 Nov 2013 01:28 PM

By Dan Weil

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The stock market party that has seen the Standard & Poor's 500 Index soar 170 percent from its March 2009 low will soon come to a close, says Steven Rattner, chairman of Willett Advisors, which manages the money of New York City Mayor Michael Bloomberg.

Fundamentals don't justify further gains, Rattner told CNBC.

"I think the market is getting quite toppy, especially for growth stocks," he said. "You look at price-earnings ratios, earnings, all the usual metrics, they seem to point to a market that's quite fully valued."

Editor's Note: Stocks to Drop 90%? These 5 Charts Reveal Why . . .

But that doesn't mean he can forecast when the market will stop rising, Rattner said. "Predicting a turn is very hard," he said.

"I can say to myself, 'I think the market won't be any higher two years from now than today.' I might be right, but predicting what's going to happen in those two years between now and then is much harder."

Ratter said he can't project what's going to happen to stocks in the next week. But, "I can tell you I think this great run that the market has had is pretty near its end."

But some experts remain bullish. “I don’t see any reason why the market shouldn’t go up,” Karyn Cavanaugh, a market strategist at ING Investment Management, told Bloomberg.

"There’s not really any bad news. We have a little bit of a pullback, and then people jump in and say, 'Hey, I want a piece of this.' "

Editor's Note: Stocks to Drop 90%? These 5 Charts Reveal Why . . .

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