After September 11, 2001, we assumed that the equity risk premium demanded by investors would be above the historical average, but did not anticipate the current extreme reading which is near the highs of the past three decades.
More Quotes from Abby Cohen:
Models work when they are appropriate for the particular circumstance, but some of the best investment judgments over time have come when people recognized that models derived in other periods were broken or not directly relevant.Abby Cohen
Little of a fundamental nature, specific to the U.S. economy or corporate performance, has changed in recent weeks.
Abby Cohen
Our valuation work for the SP 500 has long assumed moderation of profit growth to about 8 percent from 20 percent and a rise in core inflation.
Abby Cohen
It is too soon to know how the situation in Iraq will unfold in the coming months, and the extent to which the new government can indeed control the country. But, for the present, investors seem relieved that the direction is not toward an increased level of U.S. involvement.
Abby Cohen
We expect 1999 and 2000 to be years of ongoing profit expansion, with better aggregate gains than 1998, which was disappointing.
Abby Cohen
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