Bob Janjuah of RBS is talking about the S&P 500 halving from its current level - over 1,700 - to somewhere in the 800s. If this is reflected in the Dow then the Dow will do what (in Dec 2008) I suggested it might, i.e. fall to around 4,000 points.
The interviewer describes Janjuah as an uber-bear, but in fact some other commentators have said the same for quite some time, and it's not even the most pessimistic figure I've seen. Though if and when it comes, the index may have to be interpreted in the light of inflation - and what the true inflation rate really is, is another issue.
Given this scenario, Janjuah says he is interested in gold, "value" (income-producing) stocks of large, financially solvent companies, and emerging market equities.
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