John Dorfman, former portfolio manager at Dreman Capital, believes there will be a cyclical recovery in the U.S., which will continue next year. Henley Smith, CIO of Commonwealth Asset Management, who shared in the interview said, "One of the good things about the slow-moving train wreck that is Europe is that it really has given investors and banks the time to pare back their portfolios, lessen their risk so they can have the flexibility and liquidity to go forward once that Europe situation, if it ever does solve itself."
As for 2012 stock recommendations, they believe gold mining stocks haven't done as well as the metal over the last years, and it's time for the mining stocks to catch up with the gold price. Stocks they like include: Newmont Mining Co. (NEM
), Barrick Gold Corp. (ABX
), Jardine Mathison based in Hong Kong (PINK:JMHLY
), Western Digital Corp. (WDC
), Leukadia (LUK
) and Jefferies (JEF
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