Monday, November 9, 2009


WSJ--Overcoming their growing concerns that the broad financial-market rally could end badly, investors plowed more money into U.S. and foreign stocks, gold, oil, copper and junk bonds.

Part of the fuel for the broad-based investment rally is the trillions of dollars in debt-financed stimulus that the world's governments and central banks have been pouring into economies, in their effort to end the deep recession.

The huge gains have left investors surprisingly unsatisfied. Enormous though it is, the investment boom since March has been a skeptics' rally -- fed by money managers who feel they must make risky bets in order to keep up with the market, but who don't like what they see.

Gordon Fowler, who helps oversee $17 billion as chief investment officer at Philadelphia money-management firm Glenmede Trust, says he detects a "let the good times roll" attitude in the market.

"I think eventually it does end badly, but the good times could go on for a while," he says.

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