Laszlo Birinyi Is Buying, Should You?

Laszlo Birinyi is buying stocks, so does that mean you should too?

Birinyi is famous for having picked the bottom on March 9, 2009, and he believes that the equity markets have more to rally, as investors play catch-up, particualrly those that missed the first part of the rally.

“These kinds of strong beginnings lead to long and durable bull markets,” said Birinyi in a telephone interview with Bloomberg. Birinyi founded money management firm Birinyi Associates Inc. in 1989 after working on a trading desk at Salomon Brothers for a decade. “While there will be corrections and while there will be pauses, we're still of the view that this is a bull market that we expect to go on for several years.”

Other fund managers, like Barton Biggs are echoing the same thing.

“I don't think valuations are stretched,” Biggs, who oversees $1.4 billion as managing partner of New York-based Traxis Partners LP, said in a March 7 phone interview. “The next move in the S&P 500 is more likely to be up than down, and that move could be 10 percent to 15 percent.”

“We're in a major expansion globally,” said Ken Fisher, who oversees $44 billion at Woodside, California-based Fisher Investments Inc.. “Corporate earnings are great.”

If these hedge fund honchos and movers & shakers are buying stock, then perhaps it is a good idea to continue stay invested, despite all those out there telling you otherwise.