Last night on Larry Kudlow's CNBC show, I thought I heard one of the guest panelists say the stock market was undervalued. He was talking about the US stock market.
Did I miss something?
Is a broad market index like the S&P 500 offering up fat dividend yields and low P/E ratios? If so, I haven't seen it -- and I don't think we've seen it in recent history.
This reminds me that financial TV is a minefield of "experts" -- perma-bulls and perma-bears alike. And viewer beware. CNBC has plenty of all-weather bulls, though they have gotten better since they now have Keith McCullough as a contributor (good move, though I miss McCullough substituting for Pimm Fox when he's away from his "Taking Stock" Bloomberg program).
And I admire McCullough for calling out panelists on Kudlow's show who were bullish on the eve of the meltdown in 2008.
Which brings up something that I wish every show would do. Post the results of their regular panelists (and non-regulars for that matter) with they're on screen. Post their 1-year, 3-year, 5-year and 10-year records, like mutual funds.
Until then, take them with a grain of salt.
Unless the "expert" is someone like Jim Grant. And he usually makes his appearances on Bloomberg anyway.