Really, I expect the light volume to probably last until the Fed stops raising interest rates, and that will kind of depend on the economic outlook that we see, in terms of how much growth we have at the end of this interest-rate cycle. It really tells me that there is a lack of conviction from the buyers and a lack of conviction from the sellers, ... And it's somewhat psychological because people have their stocks, they're down, they don't want to sell them. And that's only been going on for, what, two or three months now The real question is, after six or seven or eight months and stocks are still down -- will people start selling at that point And maybe the volume picks up at that point.
More Quotes from David Beard:
The market is selling off because the fundamentals are weak and the stocks are overvalued.David Beard
You're still seeing people like Compaq worried about the quarter so you're seeing more pressure on high multiple stocks. The market is still trying to find a bottom but selling on continued fears of warnings.
David Beard
It brings added spirit to the team and it's a great experience to share your high school sports experiences with your only brother.
David Beard
I think we've anticipated that the economy's not getting worse, ... But in order to see the next leg up, we need to see a significant upturn in (2002 profit) numbers.
David Beard
And then Lamar -- it's a billboard company. It's all in small markets. Their business has been turning and coming back and it's trading at 15 times free cash flow, ... We think it's worth 20 (per share) and can get taken up between 60 and 70 a share ... You're starting to see the rebound in advertising. The billboard business, for them, continues to be pretty steady and it's rebounding. So, it's more specific for Lamar but the industry is performing better.
David Beard
Finally, Beard suggests a play in Edison International. We think the utility is worth probably 17-to-20. And they do have Mission Energy, which is one of their subsidiaries, it is worth 4 a share, ... We expect them to pay a dividend in 2003 and be worth 23-to-25.
David Beard
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