The 'fiscal cliff' approaches, but some investors are already looking beyond

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Continued: The 'fiscal cliff' approaches, but some investors are already looking beyond

Article by: CHRISTINA REXRODE and MARK JEWELL , Associated Press
Last update: December 23, 2012 - 12:03 PM

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Concerns about the U.S. government budget won't be wrapped up by a "cliff" compromise, either.

"Even if they come up with a near-term budget agreement, it will not be enough to solve many of the fiscal imbalances," said Mike McGarr, a Portland, Ore.-based co-manager of Becker Value Equity mutual fund. He predicts that stock market returns for 2013 could be "pretty muted."

"Once you get past whatever sort of budget deal they will come up with, there will be the realization that the story is not over," he adds. "There's going to be a lot more drama."

But others, including Hefty and Carmack, were more confident, pointing out that the housing market is improving, consumer confidence is rising and the unemployment rate is falling.

"I'm pretty optimistic," Saut says. "Not cautiously optimistic — I'm pretty optimistic."

AP Business Writer Steve Rothwell contributed to this report.

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