Editor's Note: The following article was written by Raymond James Chief Investment Strategist Jeff Saut. It has been reproduced with permission for the benefit of the Minyanville community. "In December 2007 Barron’s published an article [in which] 12 well-known strategists listed their 2008 earnings estimates and year-end 2008 price targets for the S&P 500. The earnings’ estimates ranged from a high of $101 to a low of $85.65 while their price targets were scattered between 1525 and 1750. "None of the strategists predicted a recession and Tobias Levkovich believed that stocks were ‘screamingly cheap relative to bonds.’ Similarly Abby ...

Editor's Note: The following article was written by Raymond James Chief Investment Strategist Jeff Saut. It has been reproduced with permission for the benefit of the Minyanville community. Henry Ford while touring a newly automated car plant with then-UAW president Walter Reuther asked “Well Walter how are you going to get these machines to pay union dues?” Reuther replied “But Henry how are you going to get them to buy cars?” Because I grew up in Detroit I often heard Mr. Reuther’s name while adults were discussing the auto industry. In fact hanging above my desk is the front ...