You know, we had four great years because we had declining inflation and interest rates. There's been a sea change. We now have inflation and interest rates actually heading higher. That makes things entirely different - you can't get away with high-priced earnings or overvalued stocks and so we're going through this adjustment to a new reality.
More Quotes from Hugh Johnson:
It's foolish to jump the gun. The thing to do is wait until you actually see large caps outperform, because if you don't wait you can be a year early .Hugh Johnson
I think it's a bygone conclusion that they will raise rates in January, but there's also debate about whether they'll raise rates in March.
Hugh Johnson
The market does have a valuation problem, ... But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.
Hugh Johnson
It's too speculative. I hope that we get an correction soon, it's unhealthy.
Hugh Johnson
If there's no bounce, it's investors saying that the market has not reached a level that accurately reflects what's ahead for the economy and earnings.
Hugh Johnson
I'm referred to as a fundamentalist -- a person who cares about company earnings and where the economy is going -- but the truth is I'm a closet technician. I've learned something as we've moved through the bear market The last people to find out about a problem are research analysts and fundamentally oriented strategists.
Hugh Johnson
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