I think what we had today was a disconnect between the stock market and the economy. The U.S. economy looks great...corporate profits are good...inflation and interest rates will be friendly for longer.
More Quotes from Abby Cohen:
We are currently advising a moderate overweight, with an emphasis on oil services and a small number of integrated producers.Abby Cohen
The global backdrop in 1999 will continue to offer impediments, but we expect Supertanker America to stay its course of moderate economic and profit growth. A supertanker is not necessarily fast or colorful, but it is steady and reliable and hard to push off course.
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
Opportunities are likely to present themselves, especially given a 6- to 12-month time horizon.
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
Equity prices can rise, despite decelerating profit growth and moderately rising interest rates, if investors expect economic expansion to continue. In previous such cases, stocks outperformed bonds, often notably.
Abby Cohen
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