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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Like any indicator, whether it's the Super Bowl or anything else, it's sometimes right and sometimes wrong. It's just not very rational to conclude that if January is a bad month, the market will have a bad year.
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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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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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ultimately extremely good news for the health of the market.
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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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Yesterday's weak ISM number shows the manufacturing sector is just limping along. Another report this week suggests that Friday's August employment report may not be very good. Worries about the economy resurface and are reflected in stocks,
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We might get blindsided by some (hedge fund) announcement that nobody's anticipating, ... You worry about another big bolt out of the blue.
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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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The market does have a valuation problem, ... But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.
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The market does have a valuation problem. But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.
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These numbers were highly impacted if not distorted by Hurricane Katrina.
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I think the market has managed the inevitable profit-taking very well, but there's still a lot of skepticism out there,
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It's a trading rally, and not much more than that. If there's anything you can hang your hat on, it's that with every passing day, some investors become convinced that there's not going to be any serious fallout or damage to the economy or earnings due to the hurricanes.
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Investors become very guarded at the point that they think oil prices could take a chunk out of economic growth,