The market goes through these bizarre mood swings. All of a sudden, people are concerned that we're in a soft patch and that it may get worse before it gets better.
More Quotes from Ed Yardeni:
Nobody believed in the model when it said that stocks were 60 percent overvalued and nobody believes in it now, ... Valuation is like beauty -- it's in the eye of the beholder.Ed Yardeni
Earnings are still going to grow as interest rates and inflation remain low.
Ed Yardeni
And so Daiei keeps stumbling along, introducing competitive pressures that shouldn't be there -- prices fall and the entire industry struggles. Deflation, ... is companies that are losing money not going out of business.
Ed Yardeni
I think the folks at the Fed would like to raise the federal funds rate as high as they can short of seriously depressing economic growth. They want to make sure they have plenty of room to ease next time they have to do so.
Ed Yardeni
The bigger bubble is actually in the financing of homes. Mortgage lenders have loosened their lending standards. Rather than telling a lot of would-be buyers, particularly in places like California, that they don't qualify, they're coming up with all sorts of so-called innovative alternative financing.
Ed Yardeni
What is really new in the commodity world is the extent to which hard commodities have been converted to financial assets through exchange-traded funds and hedge funds.
Ed Yardeni
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