Legg Mason’s Bill Miller published an market commentary that outlined an bullish case for the US stock market:
Stock prices today have just recovered to where they were two weeks after Lehman collapsed, when the world was falling apart. As the table below shows, most measures of financial health have returned to levels prevailing before the demise of Lehman, but not stocks. The economy is expanding, liquidity is ample, inflation is under control, profits are growing rapidly and are set to pass their all time high, nominal GDP is at its all time high and real GDP will have fully recovered to its all time high within a quarter-two at the most, profit margins are at record levels, and corporate balance sheets are the best they’ve ever been, yet stocks languish below where they were in late August 2008, and that was hardly a bull market.
Bill Miller Commentary