Kass: Why I Disagree With Jim Paulsen
Most importantly, what I admire most about Jim is that he does not deliver the standard bullish Pablum and glittering generalities. Rather, he is very good in looking at different angles that the perma-bull crowd ignores generally because of lack of imagination or creativity of analysis or just plain sticking to dogma. (As Joe Kernen remarked yesterday, Jim "thinks outside of the box.")
There is a broader lesson here that goes beyond our differences.
Based on our frequent exchanges, it appears to me that Jim respects my views (as I do his) -- again, even when we disagree. When our views are invariably different, we bang it out back-and-forth in our debates -- just like Jim Cramer and I do. Our exchanges are not like the boorish attitude of the arrogant and self-assured that we often see on Twitter and elsewhere in the blogosphere. Rather, our debates on ideas are always courteous and productive. Though we rarely change each other's opinion, we have a mutual respect. There is never an air of superiority or an overbearing tilt nor is there an arrogance of view or boorish attitude toward each other. (Too often public debate is reduced to veiled personal name-calling and a polemic filled with sound bites that fail to deliver a constructive end that is useful to anyone in their decision-making investment process.)
Healthy and respectful debates, similar to those that the Jims and I have had in the past, are desirable, stimulating and make us better investors and analysts. We force each other to consider the alternative argument/outcome in our analysis.
It's Different This Time
"Some people never change, and it's fools like me who believe this time will be different." -- AnonymousLet's now examine where I disagree with Jim Paulsen's views expressed on CNBC's "Squawk Box." History might rhyme, but the domestic economy (and for that matter the global economy) is in a much different place in 2013 compared to the previous time frames that Jim has examined. Specifically, the U.S. economy is far more fragile and dependent upon the policy of easing, arguably, more than any time in history. In support of the case for sluggish domestic economic growth, watch Avondale Chief Market Strategist (and transportation expert) Donald Broughton's comments on "Squawk Box" on Tuesday.
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