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
risks
There are big risks when you get leveraged,
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Tomorrow, the market will probably continue upward driven by the dollar, but it won't go up much because of caution before the employment figures.
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When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.
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We're moving beyond that -- the market's almost immune to the scandals now.
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We're forever in search of the Holy Grail of investing and that's some formula to give us the answer, ... That's the whole problem. These things work - until you try to use them.
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We did have a little rain last Friday and Saturday, but this is the biggest rainfall we've had in months.
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Would I bottom fish in these industry groups? Emphatically no, ... I see no reason to believe these problems will be solved anytime soon.
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There are no real hiding places, ... But I would tell investors they shouldn't get too scared by what's happening. Don't forget that 70 percent of the time, stocks are going up. I don't know where the market is going in 30 days, but I know where it's going in 30 years.
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We had a very solid move up in stocks in the first quarter. There's a good chance that what the markets will be left with is a great deal of uncertainty or even the belief that more rate increases are coming.
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What we're seeing from Lehman is that market conditions improved through the summer, and that conditions are likely to continue improving. That's showing up in the earnings and in the detail of their reports.
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ultimately extremely good news for the health of the market.
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Those are some 'old economy' picks. But a lot of those companies, quite frankly, look very 'new economy' to me, lately.
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The problem is there are exceptions. You're still left with the question: Is this the time when it won't work?
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The one thing you don't want to ignore is the stock market itself,