PALM BEACH, Fla. – A blind-folded monkey throwing darts couldn’t do worse in picking investments than an investor sitting on cash.
That’s what Dr. David Kelly, the chief global strategist for JPMorgan Funds, told an audience of retirement advisors and others gathered Monday for the first day of the 2013 Society of Professional Asset-Managers and Record Keepers meeting.
Regarding the U.S. economy, the biggest obstacle remains the wrangling in Washington, he said. “I’d feel good if we can get past that,” he said.
“We are actually in the fifth year of economic expansion right now. Most Americans don’t realize that,” he said, noting that the nation’s budget deficit last year fell by more than at any time in more than 40 years.