Neil Hennessy Sees Recent Rally As Beginning Of 10 Year Bull Market (WMT, HD, JNJ, MSFT)

Neil Hennessy, CIO of the Hennessy Funds, stated on a Yahoo! Finance web-cast that he believes US stocks are at the beginning of a 10 year bull market.

In fact he thinks the Dow "will double for sure" from current levels over that time period.

Interestingly he doesn’t seem to think the reason for this is market undervaluation or robust growth over the next 10 years. Rather he sees the investing world as devoid of any other worthwhile investments.

With the current interest rate environment, cash, money markets, and US treasuries are not worth investment as their returns are paltry. He also does not like real estate.

Therefore the only option is equities. He stated most DOW stocks, including Wal-Mart (NYSE: WMT), Home Depot (NYSE: HD), Johnson & Johnson (NYSE: JNJ), and Microsoft (NASDAQ: MSFT) all yield the same or more than cash alternatives and have the opportunity for capital appreciation.