Just a Bit Too Early to Follow Wall Street’s Playbook

"The U.S. capital markets have opened 2009 with what seems to be an emerging consensus of an economic recovery of some sort in the second half of the year. Heeding Warren Buffett’s advice not to wait until they can hear the robins (lest spring will already have sprung), investors spent Friday and part of today positioning themselves to be “in” ahead of what would be a very welcome revival in economic activity. But, as BofA/Merrill economist, David Rosenberg, points out, this consensus view might be too early."