Richard Bernstein
Richard Bernstein
Richard Bernsteinis an American journalist, columnist, and author. He writes the Letter from America column for The International Herald Tribune. He was a book critic at The New York Times and a foreign correspondent for both Time magazine and The New York Times in Europe and Asia...
ProfessionJournalist
Date of Birth5 May 1944
companies earnings half history market might producing reward second tax
The market might reward some companies during the second half of 2004 for producing better-than-expected earnings because of the tax windfall, ... but history suggests that the market will penalize those same companies if their earnings decelerate in 2005 from 2004's tax-induced growth.
economic fed indeed perhaps slowing weather
It will be interesting to see if these companies' misfortunes are indeed attributable to weather and temporary, or perhaps better attributable to the Fed and slowing economic growth.
cycle factor history powerful pricing profit
History suggests that the most powerful factor influencing the profit cycle is pricing power.
dollar earnings growth negative percent
Historically, S&P 500 earnings growth, on average, has been negative when the dollar has appreciated 10 percent or more in a 12-month period.
admittedly although attempted believe boost continue cuts demand huge japanese makers measures monetary policy seem stimulate talk tax timing
Policy makers seem to continue to believe that they can boost demand enough to alleviate the oversupply situation. They now talk of extraordinary monetary measures and huge tax cuts to stimulate demand, ... Although their timing was admittedly very poor, Japanese policy makers attempted the same thing.
investors late private
Private investors are usually late to the party.
among disliked good news perform quite stocks
The big telecoms still have to be among the most disliked stocks in the world. They are so under-owned that if we see a continuation of more good news than bad, the stocks will perform quite well.
answer deflation managers portfolio potential question regarding saying
Portfolio managers should answer the question regarding the potential for deflation by saying that we are already deflating.
near
S&P 500 valuations, by some measures, are near or at all-time highs,
building caught component constant dividends forget huge individual investors
Most individual investors get caught up in the hype. They forget that the constant reinvestment of dividends can be a huge component of building wealth.
rate slow slower
At the rate it's going right now, profitability will accelerate, but at a very, very slow pace, ... much slower than what's implied by valuation in the market.
equity focus highest largest quality
If you're in the equity market, you want to focus on the largest cap, highest quality companies,
commodity continues currently dollar earnings exposure fall foreign help investors likely prices remain stocks stronger support
Stocks with significant foreign exposure should help to support stocks. If the dollar continues to fall and commodity prices remain strong, then earnings are likely to be stronger than investors currently expect.
closely companies executives held people trying
People say these companies are closely held and that the executives are trying to diversify, but why now?