A New Book Suggests Stocks are Over Priced by 50% and That Buy Backs are Keeping Markets Afloat

“U.S. stocks are overpriced by 50 percent but corporate buying is keeping them up, at least until there is a decline in the U.S. fiscal deficit, Andrew Smithers, the author of the book “Valuing Wall Street: Protecting Wealth in Turbulent Markets” wrote in a recent research note.

Other analysts, such as Goldman Sachs’ Jim O’Neill, said they were optimistic about the prospects for stock markets as the world economy was on the mend due to good data on the U.S. economy….”

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