BOCA RATON, FL and PARIS ‘“ Robert Levitt, Chief Investment Officer of Levitt Capital Management (LCM), will appear live on CNBC simultaneously in Europe, Asia and the US (5:00 am EDT), April 25, 2008.
Mr. Levitt will do a Market Call segment on Worldwide Exchange and comment generally about the markets, as well as discuss specific stocks in the US, Europe and Asia.
According to Mr. Levitt, ‘We believe the equity bear market which was born in the collapse of top-rated debt instruments has just begun but that the companies in the agricultural industry, precious metals and base metals will continue to do extreme well.
‘While the markets will have periods of rising values which may last several months, we have a very cautious view for the S&P and Dow Jones for the remainder of 2008. US banks and foreign financial institutions having major exposure to dollar debt instruments are in a bear market that will end when investors are satisfied that their balance sheet risks have been fully identified. There will be days when these stocks soar because of massive Fed intervention, but that is the banking equivalent of a chart at the end of a hospital bed of a critically ill patient who has some good days.
‘That the two biggest up-days for the Dow in this decade came within a week of each other is no occasion for increasing exposure to the bank stocks, or cutting back on commodity exposure. Those big short-covering rallies are confirmations that the Dow and S&P are in bear markets, not bull markets.’
Levitt Capital Management LLC, headquartered in Boca Raton, Florida, with an office in Paris, is an SEC registered investment advisor founded in 2000 by Robert Levitt. It manages $450 million for wealthy families around the world, with a $3 million minimum. It specializes in managing global portfolios for clients invested in global stocks purchased on foreign and domestic stock exchanges, as well as fixed income investments, commodities and currencies, with the goal of absolute positive returns. The website for further information is www.www.lcmadvisors.com