Billionaire investor Ron Baron predicts that the seemingly endless record-setting bull-run rally in Wall Street is far from over.
“I think the market is not at high levels,” the billionaire founder of Baron Capital told CNBC.
“Growth is accelerating,” he said.
To be sure, U.S. stocks shrugged off a weak start to climb higher on Tuesday, as Intel boosted technology stocks and pushed the Dow Jones Industrial Average to a record high, Reuters explained.
His conclusion is drawn from his belief “that the stock market is tied very closely to the economy,” Baron said.
“The economy doubles roughly every 10 or 12 years and so the stock market should double every 10 or 12 years, over the long-term,” Baron said. “I can’t see any reason why that’s going to change,” he said.
“Stocks are the best play [as they return] 8 percent a year compounded,” Baron said.
As far as his personal investment regrets, Baron does have a few.
“My biggest mistake was not investing in Amazon (AMZN),” Baron said.
“How could I miss it?” said Baron, the billionaire founder of Baron Capital, which has $28.3 billion in assets under management.
Baron also predicted electric automaker Tesla (TSLA) could be a $1 trillion company in revenue by 2030.
To be sure, Baron is in good company in his economic optimism.
Forbes magazine owner Steve Forbes said "the American economy is booming" because of all of Trump's accomplishments.
"Deregultion has worked, the tax cuts have worked. New-business formations are booming for the first time in a generation. People are starting bussines in a way we haven’t seen in 15, 20 years," Forbes told "The Cats Roundtable" on 970 AM-N.Y.
"Whoever thought a few years ago one of the big problems would be labor shortages. We don’t have enough workers. Jobs are going begging," he explained.
"We’re prosperous again. It’s a nice problem to have."
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