From The Pragmatic Capitalist:

FT Alphaville recently posted an excellent note by Morgan Stanley describing the skew between the market and reality. MS is one of the few big banks that isn’t buying into the utopian environment for equities.

In fact, they believe equity investors are ignoring several risks here - primarily the global tightening that is occurring. They were one of the few banks that actually issued a bearish fiscal 2010 outlook (see here) and have remained skeptical of the rally thus far.

Morgan’s analysts believe the equity market is...

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