Avalon Advisors' Bill Stone believes 2019's rally is getting long in the tooth, but it's no reason to bail on stocks.
Avalon Advisors' Bill Stone sees stocks hitting record highs this year, but getting won't come without trouble.
"This is as good as it gets, at least in the short run," the firm's chief investment officer said Monday on CNBC's"Stone, whose firm has $8 billion in assets under management, expects a near-term pullback to strike stocks — citing the recent rally's"torrid pace" as a major reason. "This rebound ranks as the strongest non-recession rebound in the first sixty days," Stone wrote in his weekly note."It's time to think about getting a little bit more defensive," Stone said."When you look at it in history, it certainly looks like we're ahead of ourselves."
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