Brett Gallagher
Brett Gallagher
problems worse
With pharmaceuticals, the problems are pretty well known. I don't think they're going to get any worse from here.
honest main measure problem
GAAP is the most honest measure of earnings, ... but the main problem with it is the cyclicality of it.
core earnings introduce nobody ongoing operations picture present reason
I thought the reason for core earnings was to present a picture of what earnings from ongoing operations really look like. But because of this one factor, and because it's going to introduce so much volatility, nobody is going to use it.
against bet delayed general hesitate market near view
Our general view is that the market is very overbought and will go down, but that could be delayed somewhat. In the very near term, I hesitate to bet against the market when you've got this much stimulus.
direction impact longer major war
Longer term, is the war going to have a major impact on the direction of the market? I don't think so.
earnings less quality
Today's earnings quality is less than in the past.
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.
We're going to see a lot of revisions down as we go on through the year. Expectations are high.
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.
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.
fire investors markets pick reconcile standpoint technical themselves
From a technical standpoint the markets are a little oversold. There's tinder for the fire if the markets pick it up. Investors have to reconcile themselves that they're never going to find the bottom.
everybody keeping
Greed's keeping everybody in the game, ... It's getting very, very dangerous.
downside greater seeing upside
Had they won, the upside would be significantly greater than the downside we're seeing . . . .
buy talk
GE will probably talk up their numbers, but I don't know if I buy it.