We’re coming out of a 30-year bull market in bonds, and just experienced a 10 percent stock market correction. But Bob Doll, Nuveen Asset Management’s chief equity strategist, believes there are more reasons to be confident this year than fearful.
“The world’s financial system is healing,” Doll said, to a room of advisors at NAPFA’s fall 2014 conference in Charlotte, N.C. this morning.
Nominal GDP is slowly improving; he forecasts GDP to grow 5 to 6 percent per annum over the next 10 years, based on 2 to 3 percent inflation and 3 percent real wealth gains.
At the same, Doll encourages advisors to fasten their seat belts because we’re also going to see a bumpy ride in the stock market.