Growth in China eased from 9.5% in the second quarter to 9.1% in Q3 --the slowest pace since 2009. The data point certainly validates concerns about the world's second largest economy and a potential drag caused by the ongoing European crisis with no resolution. But not every investor is derailed by the shaky global climate.
"The world is not going to stop spinning on its axis, it's not as destructive and as bad as some people thought," says Oliver Pursche, president and portfolio manager at Gary Goldberg Financial, in the attached clip.
His case for owning stocks and commodities right now is largely built on that haunted house that is fear of the dark, especially when it gets as "overblown" as Pursche thinks it is in certain markets.
Domestically, he believes there won't be a recession and that investors need to ''bifurcate" their expectations for the entire S&P 500 from the opportunities that exist in particular sectors and stocks. For him, the latter offers the greater opportunity, especially large cap multi-nationals that "have been thrown out with the bath water" that have strong balance sheets and also pay a good dividend.
Globally, Pursche also thinks there won't be a worldwide recession and says "the hard landing worries are overblown on China."Read More »from Investor Fear and Pessimism Are Overblown