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
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I think many investors have failed to make the link between global growth and the U.S. housing market. The U.S. consumer remains 20 percent of the global economy, and a slowdown in housing and, in turn, U.S. consumption could hurt emerging market exports.
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The day that you should be concerned about the market is a day when there is no fear about what's going on. Certainly we have innumerable negatives that people can point to right now. I would argue that's actually quite healthy.
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What we're seeing today is a relief rally from last week. There is really nothing to hurt the market today. All the techs are rebounding well.
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There is a thin line between a liquidity-driven market that anticipates improving fundamentals and a bubble,
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What we're seeing today is a relief rally from last week, ... There is really nothing to hurt the market today. All the techs are rebounding well.
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I don't think people realize the market has been flat for the past seven years ? people don't realize that because there have been big ups and downs. But without market volatility, the market hasn't done much.
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From our lens, the U.S. housing market has become seriously overextended and a correction looms, posing the largest risk to 2006 consumer spending.
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We have commented that there is a thin line between a liquidity-driven market that anticipates improving fundamentals and a bubble. The equity market may have stepped over that line.
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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.
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We continue to believe that the market is riskier and more speculative than most investors believe.
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We are truly amazed by this incremental bullishness.
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Our students just got hit with an 18.5 percent increase in tuition, and now gas prices are causing a crisis. We are going to lose students on the edge. They cannot deal with all these increases all at once.
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There are some unquestionable areas where it has been studied and shown to have benefit in very particular areas, for example chiropractic care.
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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.