Hugh Johnson
Hugh Johnson
Hugh Johnson OBEis a British author and expert on wine. He is considered the world's best-selling wine writer. His 1961 tasting of a bottle of 1540 Steinwein from the German vineyard Würzburger Stein is considered to potentially be one of the oldest wines to have ever been tasted...
ProfessionNon-Fiction Author
Date of Birth10 March 1939
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You know, we had four great years because we had declining inflation and interest rates. There's been a sea change. We now have inflation and interest rates actually heading higher. That makes things entirely different - you can't get away with high-priced earnings or overvalued stocks and so we're going through this adjustment to a new reality.
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We need to watch the Japanese parliament and see if they do anything about their banking crisis.
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We call it a potential critical fire danger stage. We extremely discourage any outside burning during a red flag.
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Usually, when you have a stock market mania, it's driven largely by individual investors borrowing money to buy stocks at prices that are too high. And usually, when a bubble becomes unwound, it's because of margin calls.
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To some extent everybody is a little exhausted. In the absence of big news we'll see a quieter day. It feels like we were hit by a tidal wave over the past three or four days and today is like the aftermath, picking up the pieces.
rises
We'll have some bewildering rises and some bewildering, if not shocking, declines.
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What Oracle did is it demoralized the rest of the technology sector.
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What's driving the market is speculation. You put together actual year earnings, you also calculate price-to-earnings multiples right now and what investors are paying for is really out of whack. It's too high.
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When all of the markets around the globe simultaneously go down, that's the message. That's what you have to worry about.
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The good news was good enough to more than offset the worries about wages and Federal Reserve policy. There is an emotional component to the market today. Some speculative spirits are starting to stir.
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Today the market is pausing a bit, given the strong performance last week.
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Today the market is pausing a bit, given the strong performance last week. There is lot of acquisition activity, which is giving the market some lift, particularly because oil prices are stable.
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We have such speculation in Internet stocks already that it's earnings will be keenly watched and could stir up more speculation or spur a decline, depending on their results.
watching
We're all watching the same stuff. Like sheep.