Wells Fargo Investment Manager: 2002 good for stocks
Fargo, ND – A Regional Investment Manager for Wells Fargo Private Client Services says 2002 is shaping up to be a good year in the stock market.
Jeff Savage says for an individual investor--he strongly believes in the stock market this year.
"We would buy stock right now. Our general portfolio would say 70 percent should be in the stockmarket and 30 percent in fixed income. It's important that we live the fixed income piece in there, certainly after the year 2001--it was the only thing that performed well. But for most folks--especially if they want some growth or some retirement money down the road--the stock market is the place for us to go."
Savage says the economy is getting better--we are coming out of a recession and it's going to help the financial market. He says if one decides to get into the stock market right now--there are several companies in which to buy stock and do very well for the next few years.
"We certainly like healthcare an awful lot. We do like financials alot. Names like Johnson & Johnson, Bristol Myers, Pharmacia, Phizer and the healthcare industry are poised for a very good decade--let alone a good 2002. Financial services from big banks like City Group and J.P. Morgan; more regional banks like State Street Bank; brokerage firms in Morgan Stanley and insurance like Chub and St.Paul--those are all very good names we think. Again--we're not just looking at 2002, we're not trying to make short term predictions--but for a number of years, companies like that should be in a very progressive type of market."
Savage says despite September 11th and the war in Afghanistan--there are a few pillars of the market that are still in place--like the aging baby boomers increasing the need for healthcare, the increase of productivity, and the continuing rise of energy prices.