Bernstein strategist Alla Harmsworth says the S&P 500 could hit 8,000 in 10 years, defying other calls for stock market struggles.
has climbed more than 300% since the bull market began, so it seems reasonable that it won't be able to replicate that feat so soon after. But one of Bernstein's top strategists questions that assumption.
One main part of Harmsworth's bullish argument stems from her belief that traditional valuation metrics — which have been flashing red for years — are flawed. She tackles the frequently citedHarmsworth recalls that measure was signaling overstretched and vulnerable conditions as far back as a decade ago, which turned out to be a dramatically incorrect conclusion.
"The bottom line is that equities provide the best long-term hedge against inflation," Harmsworth wrote, adding that's been true for 150 years.
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