The Daily Interview: A Voice For the Bulls

In the midst of the current stock shock, Harvard investment banking professor Samuel L. Hayes believes the market is overdoing it.

Samuel L. Hayes Professor of Investment Banking Harvard University

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Pointing to a low unemployment rate, a lack of inflation, further interest rate cuts and the strong possibility of a tax cut, the professor maintains that the U.S. economy is showing clear signs of resilience that do not warrant such punishing market declines. Hayes, who has taught at the Harvard Business School since 1971, says investors are simply behaving irrationally on the downside and maintains that a recovery by year-end is not the pipe dream some critics are beginning to call it. ...