Brett Gallagher
Brett Gallagher
downside greater seeing upside
Had they won, the upside would be significantly greater than the downside we're seeing . . . .
early earnings horizon ignoring investors looking major power quarter roadblocks short staying third
Investors have been ignoring earnings and looking forward, pretty much discounting the third quarter and looking to early 2002. I don't see any major roadblocks on the horizon for now. We have staying power in the very short term.
businesses case earnings seem smooth suspect
It's always been the case of something you suspect but have never been able to prove. Earnings seem improbably smooth when you look at the businesses of the company.
certainly names sink stable taken tech
It may have taken a little while for (3M and Lexmark) to sink in, ... Lexmark is certainly not a bellwether, but it was one of the stable names in the tech sector.
durable economic extent good poor vacuum
To an extent we're in a vacuum where even poor economic statistics, such as the durable good orders, can't dissuade investors.
certainly ebb flow level market middle national news playing raised security seem sold talk technical
We seem to be certainly playing to the ebb and flow of the news on the Middle East. You had talk that the national security level would be raised and the market sold off immediately, then popped back up once it was dismissed. That's the kind of market we're in. It's rumor-driven, technical and the fundamentals are not playing a role.
build fund initial leaning managers selling toward using wonder
What I wonder is are we going to see follow-through selling after the initial drop, or are we going have fund managers using the pullback to build up positions? I'm leaning toward the latter.
backup guys lost
We lost all of our power. We're on backup power. Our guys aren't trading.
bubble cheaper compared market peak point running
Yeah, we're cheaper than we were at the peak of the bubble and running up to the bubble. But compared to any other point the market is overvalued.
earnings less quality
Today's earnings quality is less than in the past.
problems worse
With pharmaceuticals, the problems are pretty well known. I don't think they're going to get any worse from here.
We're going to see a lot of revisions down as we go on through the year. Expectations are high.
ability along bit company continue course focusing follow further gas increase later limited months name natural next others percent petroleum prices production pump sector services surprise turn vastly
We're focusing more on the drillers and some producers. The services sector I think will follow along a little bit later Anadarko Petroleum is one of our favorites, ... This is a bit of a natural gas play. It's the one company in this sector that can increase their production should prices turn higher. Many others are limited by their ability to continue to pump out further amounts of product. I think Anadarko is vastly undervalued. To get another 30-to-50 percent out of the name over the course of the next 12-to-18 months would not surprise me at all.
build gains news order period prolonged slow steady time
We're going to have to see better news and slow steady incremental gains over a prolonged period of time in order to build the market.