Kotok is a terrified bull

Count David Kotok as a “terrified bull.”

The chairman and chief investment officer of Sarasota-based Cumberland Advisors told a group of money managers in Naples recently that he's bullish on stocks, but investors need to be prepared for increased volatility.

Kotok, who was invited to speak at the CFA Society of Naples annual forecast dinner on Jan. 22, told the gathering that asset prices will continue to rise thanks to ultra-low interest rates in the U.S. and overseas.

But explaining why he's terrified, Kotok says investors will have to endure increased volatility because of loose monetary policies and currency fluctuations. Still, in the long run, stock investors will be rewarded if they hold on through the ups and downs.

Kotok also shared some insight into the job of managing money, drawing nods of approval from the audience. “If you're in the money management business and you're not terrified every morning when you get up, something's wrong with you,” he says.