He also doesn't expect a retreat to March lows, but says he thinks headwinds from an aging population that will pull money out of stocks, lost wealth and household debt will keep stocks in a rut in the coming years, churning between the March lows and the pre-Lehman highs.
Like all of the analysts who got the March call right, Mr. Grandich warns that past performance is no guarantee of future results.
'Those of us that live by looking in a crystal ball,' he says, 'learn to eat a lot of broken glass.'
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