The folks at Fred Alger Management are now downright bullish. Zachary Karabell, senior economic analyst and futurist at the New York-based fund firm used this month's research report to argue that the stock market bottomed on October 9. He adds that this is the best time to buy stocks since the firm was founded in 1961.

"The relationship between interest rates and potential stock returns has rarely been more favorable for stocks over bonds," said Karabell. "We view this as an ideal time to invest in equities."

He argues that even if earnings fall to grow, there is now some room for multiple expansion. "Multiples can expand during periods when earnings are flat or growing slowly. Yes, money can be made in the stock market during a period of less than stellar economic growth," observed Karabell.  

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