Where's The Bottom?

摘要

It's hard to find a bigger fan of stocks for the long run than Rajnish Mehra. The UC, Santa Barbara economist upended conventional wisdom 24 years ago with a landmark study he coauthored theorizing that stocks more than compensate for their risks with surprisingly fat returns. He calls equities arn"great buy" for long-term investors. So when the S&P 500 crashed through 700 earlier this month, you'd think heel be pounding the table about how cheap the markets gotten. Just the opposite. "There's no question stocks are undervalued today," says Mehra, 59. "But they still could go down another 50%."