On the RISE

There is freedom within
There is freedom without
Try to catch the deluge in a paper cup
--Crowded House

Am attending the RISE conference at UD for second year. Day One is panel day at the UD Arena. Missed the morning sessions on economy and US equities. Did catch tail end of morning keynote by Morgan Stanley chief strategist, David Durst. PM sessions included altervative investments, 2012 predictions from Robert Doll, chief equity strategist at BlackRock, and international markets.

Will reflect on some sessions separately, but did want to note here that the sentiment by the speakers was universally bullish. The basic thought is that institutions and investors are underinvested in stocks. They are holding lots of cash and low yielding sovereign debt. Thus, stocks represent the best house in the neighborhood--whether that neighborhood is good or bad.

Moreover, central banks are acting in synchronized fashion with easy money, which provides more wind at the back of equities.

Skepticism is in order. The general bullishness expressed last year on panel day was pretty much dead wrong.

position in SPX