Christine Callies
Christine Callies
value
We think there's a lot of value in semiconductors.
ahead elections people position
People aren't going to take any position ahead of the elections.
area areas buying call change companies included meaning structure tech technology trying
We're buying technology areas very selectively, ... and we're branching out into an area that we would call tech proxies, meaning there are very often 'old economy' companies that are trying to change their structure so as to be included in the new economy.
essential prices rebound share
Most of the essential catalysts for a significant rebound in share prices are present.
activity analysis baby basically boom boomers combine consumer grounded life overall parents personal quality retail spending tend upbeat
We'd like to combine our overall upbeat analysis of consumer spending and retail activity with our baby boom spending thesis. And this is basically grounded on the observation that baby boomers tend to spend more on quality of life and personal indulgences than their parents did when they were at the same age.
bond caused fed indication lower market monetary particular reason start talking yield
We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.
ability cannot change debt drivers importance policy profit since
Since the ability to refinance or restructure debt is one of the incremental drivers of a profit trough, the importance of this policy change cannot be overemphasized.
actual equity managers money percent rare three
There's more gamesmanship in this profit-taking than actual concern. Money managers have now had three years of 20-plus percent equity returns. They know this is rare and they are cashing in.
bullish might people sales sector tech volumes
Sales volumes in the tech sector might be erratic... it's nothing serious, but just not as bullish as people would like,
bad causes cut fed good news
Bad news can be good news for equities if the bad news causes the Fed to cut aggressively.
ask questions sell
There is a predisposition to sell first and ask questions later.
problem sector tech
The problem with the tech sector is not so much a fundamental problem as a valuations problem.
doubt evidence fact markets starting
We doubt that the markets are going to take off here. I think we will need more evidence that in fact things are starting to turn.
background bad bear confused market people
In Nasdaq, we've been in a confused bear market for a while. The background environment, particularly in the economy, is not as bad as people think.