"As long as the inflation indicators keep
pointing down, the Fed is sitting there with a cigar in their one hand
and bourbon in their other," he said. The economy is also growing, so
"it's a perfect storm" for the Fed, he said. "They'll talk about
tapering, and they'd like to, but it's not in any rush."
"It's been a wall-of-worry market. People have not bought in yet. That's why the market doesn't go down," Novogratz said, adding that stocks are cheap. "If you look at the stock market today versus where it was in 2007, earnings are higher. There's no alternative investments."
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