Gregg Hymowitz
Gregg Hymowitz
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Clearly people feel less wealthy and people are going to focus on what happens to the direction of interest rates. Over the next couple of weeks, as the election subsides attention is going to shift to (Federal Reserve Chairman) Alan Greenspan.
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I think it's going to be very difficult for this bounce back to continue.
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I think Citigroup is one of the best ways to play the rising middle class around the world. It's obviously one of the premiere global plays in the financial services sector. Now with a combination of Salomon Smith Barney and Travelers, it reaches all different aspects of the financial services market and obviously it's a global play.
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The key thing is you are going to see a separation from the true companies -- those that are going to be able to weather all markets and those that had business plans that ultimately won't make a lot of sense.
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Now, if anything, you should be buying these stocks because if anything, (the weakness) is going to be reversing itself.
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Really, everything you can point to is showing that you have inflation in check. Inflation is less of a concern, rising interest rates are less of a concern and I think sentiment in the market has turned around.
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We know that political uncertainties will ultimately work themselves out. It's a very good opportunity to buy these stocks cheap.