http://money.cnn.com/2007/08/07/markets/cooperman_market_analysis.fortune/index.htm
This is Leon Cooperman's quick explanation of why he is a bull. He is an investing legend and has a much longer track record than I have. My only response was that he said "bull markets do not die of old age but of excesses....Those excesses are simply not with us today." I agree that they are not with us in the equity markets but they were with us for a long time in the debt market. As briefly touched on in my blog below, a long term change in debt rates changes cost of capital and changes overall equity valuation. The impact of the debt excesses (because it appears like the excesses were indeed massive) will, in my mind, have an abnormal affect on equity valuations compared to previous credit corrections.
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