Long term interest rates are higher now than they were in the second and third quarters, and debt levels are higher too. Yes, consumer spending will continue to expand, but it will be slower.
More Quotes from 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
That's pretty good news because it means investors did not become defensive. They remain optimistic,
Hugh Johnson
The question is when will the earnings recovery begin and how strong will it be.
Hugh Johnson
What, if anything, do the infinity of different traditional and individual ideas of a garden have in common They vary so much in purpose, in size, in style and content that not even flowers, or even plants at all, can be said to be essential. In the last analysis there is only one common factor between all gardens, and this is the control of nature by man. Control, that is, for aesthetic reasons.... The essence is control. Without constant watchful care a garden - any garden - rapidly returns to the state of the country all around it.
Hugh Johnson
Tobacco is the best performing industry in every single bear market,
Hugh Johnson
Common sense alone says energy is not going to be the leader.
Hugh Johnson
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Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs.
Herbert Hoover
My favorite thing is to go where I've never been.
Diane Arbus