It's frightening if you chase performance. One reason why investors went into Japan is that they saw the markets perked up there.
More Quotes from Phil Dow:
Anadarko is down relatively dramatically in the recent week, ... For value, we think the best name in the group is Chieftain International.Phil Dow
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.
Phil Dow
We're trying to take advantage of value where we can see it, and there are some obvious places. Computer Associates ( CA Research , Estimates ) is the third-largest independent software company. It trades at a PE multiple on forward earnings. It's about a third of Microsoft's today. It's growing at about 16, 17 percent, trades for about 13 times earnings. We think it's a very attractive asset. We think it's a great one and could go up as much as 30, 40 percent in the coming year.
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
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
If you look at the earnings so far, we've had on balance in-line or mildly positive surprises. Yet the guidance going forward had been guarded. If that continues, you're looking at a more subdued market response this week.
Phil Dow
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