The economy is recovering, investment advisers told an audience of about 50 people who braved the cold and wintry weather Tuesday night to attend Reliance Financial Services 19th annual economic outlook seminar, A Global Perspective, at Kettenring Country Club.
There is a lot of good news. With the bond market and inflation, P&Es and stocks, we think it will lead to a buying opportunity, said Dr. Jeffrey Coons, managing director of the risk management division of Rochester, N.Y.-based Manning and Napier Advisory Advantage Corp.
Some risks to watch for, he said, will include speculators and the weak dollar. Manning and Napier and Legg Mason Funds Management Inc., of Baltimore, serve as financial advisers for Reliance.
But the year wasnt all rosy, said Gregory Fasig, of Reliance. The market started out strong, then AOL posted the largest loss in history at the end of January 2003. Following that, consumer confidence fell, bottoming out on March 9. Threats of SARS virus, of going to war and fear of deflation were contributing factors.
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