You have to take the actual numbers and the guidance and combine the two. I tend to think if the high pe (price-to-earnings ratio) stocks have a weak quarter, and even if they have ok guidance, they're going to get killed. But if there are cheap tech stocks that have a weak quarter and so-so guidance, they're probably the ones to buy first.
More Quotes from David Beard:
That showed us that we can win and that people would now respect us.David Beard
It's going to be pretty ugly. The key question is how stocks react to the earnings reports that come out this week and the week after. It's going to be critical to see what happens.
David Beard
Last year gave us confidence, but it also gave us a goal and drive to build on to improve this year.
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
Earnings warnings are backward looking economic data are forward looking. People want to look forward.
David Beard
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.
David Beard
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