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.
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
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
One surprise in 2005 will be that business capital spending will be back in a big way especially as cash is at record levels on balance sheets and as companies ensure that they stay competitive.
Phil Dow
You've got to get back to what really moves stocks, and that's earnings. It's not international conflict -- that's always been there. And the market has delivered, despite Vietnam, Sept. 11, and every other horrific thing we've had.
Phil Dow
This is the first evidence that things might be better than they thought, and I think traders don't quite know what to do. I think we've been conditioned to bad news -- it's like a beaten-up prize fighter. I think it's a dangerous time to look for more of the same, meaning looking for more negative.
Phil Dow
If you have any kind of cut or a neutral bias, the markets will move higher.
Phil Dow
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