Save that cash and save it now because even a "black hole" would be an "optimistic" view of the 2005 markets, a Morningstar analyst said.

Reporting on his company’s 16 th Annual Morningstar Investment Conference, analyst Todd Trubey said that every prediction of the stock and bond markets was a negative one. He said that Jeremy Grantham of Van Otterloo & Co. called the 2003 market bounce back "brutal" because it falsely told investors that a still-ongoing bear market was over.

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