I don't believe that the market is ready for serial rate increases. We'll just have to wait and see what is said, but my suspicion is, right on the heels of this meeting . . . it's probably going to be a tug of war.
More Quotes from Phil Dow:
They have the best of breed kinds of companies in two really good industries. They have a natural gas pipeline company. In addition, a fiber optic network which will be 33,000 miles. Each have the wind at their back and we think the combined businesses conservatively are worth 60. Right now the stock trades for around 45. The company just announced a way to unlock that value with a spin-off of their Williams Communications Group. So we think it's just a matter of time before that stock reaches 60.Phil Dow
If you look at our portfolio that we run here with a three-year track record, basically it's equal to the SP the last three years. This year we're down about 1.8, 1.9 percent versus an SP that's significantly more than that down.
Phil Dow
You're going to see a lot of companies voluntarily take the smoke and mirrors out of their business, ... We shouldn't expect to see an immediate recovery, but eventually people will regain confidence.
Phil Dow
The main problem is things keep getting worse in the technology space.
Phil Dow
This year, the market is trying to tell you to be selective. If you look at the stocks that have moved, it really has not been just 30 big stocks it's been all asset classes, all styles -- value and growth have delivered. The ones that are really getting fundamental financial guide, post-traction are those that are delivering. So my guess is selectivity is the key, and I think you've got to be in kind of best-of-breed solutions right now.
Phil Dow
The volume expansion indicates that you might be seeing individuals, rather than just traders, getting involved. But, volumes in general are still pretty weak. Odds are that if this is the real thing, you'll see daily volumes of 1.6 billion and 1.7 billion -- and then it will be obvious to everyone we are in a bull market.
Phil Dow
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Winning in my business is everything.
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