In an interview with Bloomberg TV he said despite all these risks he thinks current valuations are "persuasive" and warned that the biggest risk at the moment are the looming tax increases:
"You actually didn't mention what I think is the biggest threat for this year, and that is those looming tax increases. The fiscal cliff that Bernanke referred to coming on January 1 involving added taxes and cuts in spending.
Now my prediction, which came when it came out in Barron's 2 - 3 months ago, was for not the end of 2012 but the end of 2013. I think we're going to get some resolution in the new Congress that's really going to send prices up. I still think they're going to go up from here this year but unless we get some extension so that we don't fall off that fiscal cliff on January 1 I think that's going to put a cap on the gains that we will have in 2012. But once we get some resolution on their I see the market going 10 - 15 percent higher right away."