Richard Bernstein Quotes (28 Quotes)

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.

There has been record insider selling within the last 10 months across a broad range of homebuilding companies despite very few sell ratings by Wall Street analysts and the general perception by investors that the stocks are undervalued.

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.

Portfolio managers should answer the question regarding the potential for deflation by saying that we are already deflating.

SP 500 valuations, by some measures, are near or at all-time highs,

We think it is now time for investors to switch from income statement variables to balance sheet variables when picking stocks, ... Portfolios in which stock selection was based on strong balance sheets tend to outperform those based on income statements when the profits cycle decelerates.

Lower quality companies are dramatically overstating their growth rates by using pro forma earnings.

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.

We think there is a strong contrary message, ... at a record pace across nearly the entire industry.

There are some unquestionable areas where it has been studied and shown to have benefit in very particular areas, for example chiropractic care.

History suggests that the most powerful factor influencing the profit cycle is pricing power.

People used to build wealth through building equity in their homes. Today, people prefer to speculate on the price of their house by using historically high levels of leverage.

Historically, SP 500 earnings growth, on average, has been negative when the dollar has appreciated 10 percent or more in a 12-month period.

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.

People who want to watch the Fed need to be very careful,

Private investors are usually late to the party.

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.

Two of Michigan's greatest institutions can be connected by rail.

The more generators sold, the more consumer confidence has been hurt, as this would tend to indicate that people do not trust the infrastructure currently in place. If, however, consumers shrug off the ... situation and relatively few generators are sold, then this would be perceived as a positive.

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.

We continue to believe that longer-term investors should focus on yield.

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.

Today all you're probably seeing is a weakness prior to the G8 meeting this weekend, and a lot of uncertainty in Indonesia and Asia.

We remain doubtful that the Fed is indeed 'done,' which has become the overwhelming consensus. We believe they will be more vigilant against inflation.

They could have diversified their holdings 2, 5 or even 10 years ago.

Usually the Fed keeps raising rates until something goes wrong in the economy or the market. Even Alan Greenspan has never gotten it right.

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.

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.