Phil Dow
Phil Dow
bit doubt economic longer market mosaic pieces seeing short stock support sustained term together
Bit by bit we are seeing the pieces of the economic mosaic come together that could support a sustained stock market rally, at least in the short term ... But in the longer term, there are still significant questions, no doubt about it.
cash compelling flow quite standpoint stock value
From a cash flow standpoint and a value standpoint, the stock is quite attractive, ... I think those are all compelling arguments for long-term ownership.
announced best breed businesses combined companies company fiber gas good kinds matter natural network pipeline reaches stock time trades unlock value williams wind worth
They have the best of breed kinds of companies in two really good industries. They have a natural gas pipeline company. In addition, a fiber optic network which will be 33,000 miles. Each have the wind at their back and we think the combined businesses conservatively are worth 60. Right now the stock trades for around 45. The company just announced a way to unlock that value with a spin-off of their Williams Communications Group. So we think it's just a matter of time before that stock reaches 60.
caused coast economy focus following gulf major rebuilding resilient since
Rebuilding in the Gulf Coast will be a major focus following the destruction caused by hurricanes in the region. This is yet another demonstration of how resilient the economy has been since Sept. 11, 2001.
anticipate corporate earnings economic growth next people time year
Next year people will still be cautious. At the same time I anticipate corporate earnings and economic growth will come in better than expected,
economy hopefully slowing summer technology
Hopefully we'll see the economy slowing down by the summer and technology will take off.
positive
This could be one of the more important positive tailwinds for the market,
argue hard shock
Once we get over the shock of the headline, I find it hard to argue that this is a negative.
amazing capital profits turn
It's amazing to see intellectual capital turn into profits so quickly.
balance earnings forward guidance looking market positive response subdued
If you look at the earnings so far, we've had on balance in-line or mildly positive surprises. Yet the guidance going forward had been guarded. If that continues, you're looking at a more subdued market response this week.
fed learned people predicting
You've got some pretty learned people right now predicting a Fed pause.
capture driving groups guess headed leading market maybe percent represents technology
Right now, technology represents about 24 percent of the capitalization of the S&P, ... My guess is we're headed up to maybe the 20s or maybe 30 percent. If you look back historically, leading groups can capture that much of the market and I think technology's driving the market right now.
basically equal last percent portfolio run three track versus year
If you look at our portfolio that we run here with a three-year track record, basically it's equal to the S&P the last three years. This year we're down about 1.8, 1.9 percent versus an S&P that's significantly more than that down.
guess value
My guess is that value will have its day,