Dr. Clay Singleton Professor of Finance Rollins MBA in Winter Park, Florida
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point to -- Is this part of what's being orchestrated by the Federal Reserve you know we've had 0% interest rates now going on five years. Is it finally is is what's happening here I've seen it 88 and where people say youIt raises you know pushes up the S&P 500 pushes up the Dow Jones Industrial Average . What you and I look at our for a one case we feel more confident we spend more money and that creates a virtuous cycle. That's the hope and it -- the wealth effect and some people say it's been five years we haven't really seen the effects but you could argue that we are starting just yet in the housing market -- starting this Viet. You know with hiring a little bit. But. We don't have a lot of -- There's a school of thought though Jonathan that the Federal Reserve shouldn't be acting in that capacity in terms of what you -- there. It -- when I drop and I studied the -
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is the big. And had a -- -- medical medicinal Canada for cancer patients And I if you watched Showtime's weeds. At the end of the reason they had that whole like legal marijuana for cancer patients and minds of. If she got a John and I do remember that. In fact. Play us out there at the company coming out this week and they have a product and they are expected to start to turn a profit. They have not. -- making money inspected and losing millions that there are expected to make a profit and they. Most of their drugs or pain drugs for cancer patients which act McConnell just did is that still good thing yeah but I think that Allen has really becoming interesting. He irreversible felony. It is going to give BI and asked why. And that's why I like it seek him Harris she's ready now went down play -- -- kind of IE yeah now I it's not a it's not a big deal at 68 million but I just being well liked -- that I'll I'd like to these stories of drug companies that help. Cancer patients and I like pat. You know they are expected to start to turn a profit and then and then not part of
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Are you ready to go back to school June. Now now ironical how we're going do you whereabouts -- absolutely we're going to be joined right now by professor -- Singleton he's professor of finance with -- NBA in Winter Park Florida. Professor good morning and welcome to the show. It. Pretty good year for stocks in 2012 does not affect better than what I expected -- looks like the -- will finish up with the S&P up fifteen maybe 16%. What are your stock market predictions for the year 2013. Well we're looking for a better year in 2013. Well we Pincus did. Investors are always been in particular around now positioning their their money to take advantage of what they think is gonna happen. And markets reflect then. Sort of investor expectations. And although we saw. A drop in. November. We brought covered and that trajectory. Looks good sport 2013. Based on what what is that you see that makes you feel that stocks are gonna perform well in 2013. Well I think -- investors in general are cautiously optimistic. You know it could be a lot worse we're we're hearing all kinds of terrible things are gonna happen the Euro was gonna collapse we're gonna go off the fiscal cliff. And it it investors truly shared those expectations. I think the market would be down and and yet despite. Dip in November oh yeah we're headed up and that makes me optimistic for 2013. A booking ads areas watch and a story in today's Wall Street Journal. Canada had to unload some oil and they did so for about fifty bucks a barrel and I'm I'm reading reports about. Commodity prices being soft all over what is your prediction for the energy -- been a great place to invest since 2009. How's it going to be for 2013. But we're talking now about the US becoming. Energy independence sometime in in the reasonable future what that came changer daddy has. Problem worried about OPEC and oil embargoes to being in oil exporter. That really I think is helping -- market understand. Future is not gonna look like the past. On the energy side at least. But can you make money and energy stocks professor. -- -- I don't think so I think that the coal energy companies are gonna have a hard time adopting. And it ended the new technology and it in adapting to a new world order. Greta remember that not only are they producing energy that states but there embedded worldwide. In a lot took a lot of David keep insurers. A traditional oil extraction and that kind of thing with that is probably -- it changed pretty dramatically. Can they adapt. That social work. -- -- -- -- let me ask you about financial stocks very quietly Bank of America has risen from. In -- right around five dollars a share twelve months ago. They're now a -- I looked at them earlier today. Their eleven dollars and change per share our financial stocks or is this it is this a phenomena and relegated just a Bank of America or financial stocks going to recover in next year. I think financial stocks are probably gonna be a pretty good place to be I mean how much worse could it be Bank of America. -- -- homers this year and that that almost boggles the imagination. Did did he is -- massive financial institution with. Pretty good management now they've got a lot of problems but I think what's happened is that market has digested those problem instead well. It just not gonna get a whole lot worse than he has so the only direction that financial stocks can go is up. That the caution that I would have there is that we still don't know. The public stand. Mortgage crisis that the foreclosure. Overhang is out there can't we've been reading recently about how. The FHA has got all kind of problem that's probably didn't need a bailout. But frankly that's old news and I think. Financial institutions. Although. Highly regulated and tightly constrained. Can still managed to do fairly well in -- market which is gently rising. And an economic environment which is making progress. Nothing to write home about yet but. Is gonna get slowly better throughout 2013. Very -- law professor thank you very much for your time we appreciate it. Well I hope this all comes I would have been happy new. You to their Christmas. Play -- -- Singleton professor of finance was Rawlins NBA in Winter Park Florida likes financials not crazy about energy stocks and thinks that 2013. Will be a good year for the stock market. Up next we're gonna talk to RJ how to be from Morningstar RG company stock picks does RJ have forced today -- you know. I believe he has to to okay. Stock -- up next on the financial exchange.
