I get worried about so much optimism and the fact that the market is overvalued,
More Quotes from Hugh Johnson:
If you separate out all the sectors of the market, it's no longer the case that technology is the most overvalued sector of the market, health care and energy actually carry higher valuations than technology now. So we are starting to get the levels overall in technology that really make some sense. And interestingly enough, if you take it even further, if you go to the individual stocks, stocks like Sun, Cisco, Texas Instruments, Oracle -- great names, they're starting to get to levels which, again, don't call them cheap, but call them cheaper and interesting,Hugh Johnson
That's the situation today, ... Since that's the case, I'd be more inclined to think this will be a negative year than a positive year.
Hugh Johnson
When you say the stock market is overvalued, you imply that the stock market is going down. But there is a touch of lunacy in every bull market -- stocks can become even more overvalued. A rational investment policy in an irrational world is suicide.
Hugh Johnson
It's almost as though we're getting a crash, and it's coming at us one stock at a time,
Hugh Johnson
It will eventually slow the growth rate of earnings. Therefore you should own companies with low price-earnings ratios, not high price-earnings ratios.
Hugh Johnson
That's a growth stock that is trading at an unusually high price-earnings ratio compared to growth, ... It's being priced as a rather racy e-commerce company. They've done a really good job (of adapting to the Internet) -- that company thinks great, they have a great culture.
Hugh Johnson
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