Charles Crane Quotes (19 Quotes)


    News of some sort of explosion over in the Middle East was conveniently coincidental with the market downturn, so I've got to think that had something to do with it.

    I think the advice to any investor is try to block out as much macro noise as you can but resist the temptation to think this is a market bottom -- it's a lottery ticket.

    We've seen very satisfactory earnings growth. There's a hope that the Fed is close to the end of its tightening campaign.

    Second quarter earnings are very likely to be satisfactory in aggregate. A number of visible companies have warned of disappointments, but they are the exception rather than the rule. Earnings growth will probably be in the high-teens range when everything is tallied up.

    The market is extremely high-strung right now and it's going to react excessively to any news, good or bad. Next week is what I consider to be one of the market's critical weeks. It's going to be a busy week.


    The irony of all this summer rally is that the more vigorous it gets the higher the odds are that Mr. Greenspan continues to tighten the screws. And whether that will then lead to a more severe hangover the next morning is what we're all wrestling with.

    I think we could re-write the book a little bit. The other sort of traditional way of looking at the market is that you get a summer rally. And I suspect that we will get a positive bias to this market at some point in time over the next couple of months. However, I do think that you're probably in that quieter period for news and developments in the technology sector.

    Any time you get more than one central banker in a room together the antennas are bound to go up and send a shiver down the market's spine.

    At some point investors are going to cash in some chips. We are getting close to the end of the quarter, and we have to keep that in mind. The next few weeks will be as choppy as the last few, but I wouldn't expect, barring unforeseen circumstances, the market to have too much risk.

    Of course I'll look at it it will be useful information.

    Interestingly enough, the housing stocks have been on of the strongest sectors this week. I think what's happened is that these stocks were weak prior to where we are right now in the economic cycle because of concerns about Mr. Greenspan and crew raising rates still further. Those concerns have diminished. They haven't completely gone away, but they certainly have diminished in the last few weeks as we've seen more evidence of a cooler economy. Hence, you're starting to see investors say OK, we're probably cruising in for a soft landing and housing should do well in that.

    My broad advice is to concentrate on individual issues as opposed to trying to predict where the market is going. Making market calls is of very little value whatsoever.

    The market behaved worse than most anticipated going into this period because the conditions of the economy were worse than any of us judged it to be. Earnings were revised down steadily and that kind of downward revision was not tolerated well.

    If there's any doubt about this bull market's stamina, yesterday should have quieted some of those doubts. There was no news, positive or negative, in the marketplace. And yet the Dow rose to an all-time high and the broader market was strong as well.

    There doesn't seem to be any one trigger. The idea of technology being such a high growth area is true but maybe revenue growth isn't as robust as anticipated. It's more one of anxiety by investors that evidence is mounting the Fed may need to be more aggressive.

    The sooner we can line up company A against company B and have some modicum of evidence the books have been prepared in a similar fashion, the better off the market is going to be. Even if the bottom line ends up looking mighty lean.

    I haven't heard any compelling stories to say that this is anything more than bargain hunting. We're in a period of time where investors are going to be concerned about second-quarter earnings, so I wouldn't extrapolate too much from this.

    We've had a lot of good news in the last couple of months. Most recently, we had the Fed hold the line, we had another employment report that was reasonable and now we've had gold plunge -- all of which have been encouraging to the bond market. Stocks have come along with the bond market.

    All of the government statistics have been far less scary than consensus expectations. (Retail sales) were weaker than anticipated and seem to be consistent with the tone.


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