Since the ability to refinance or restructure debt is one of the incremental drivers of a profit trough, the importance of this policy change cannot be overemphasized,
The uncertain outcome of the U.S. presidential race may delay a fourth-quarter recovery in share prices but should not eliminate it. We believe that potential buyers are waiting for a resolution before implementing their 2001 investment plans.
It's a matter of an investor's expertise and time constraints.
The Internet stocks are just responding to the rebound in the overall market. They're extremely volatile.
There's more gamesmanship in this profit-taking than actual concern. Money managers have now had three years of 20-plus percent equity returns. They know this is rare and they are cashing in.
It really isn't a beauty contest between big-cap and small-cap stocks that the small caps eventually win,
We're buying technology areas very selectively, ... and we're branching out into an area that we would call tech proxies, meaning there are very often 'old economy' companies that are trying to change their structure so as to be included in the new economy.
Sales volumes in the tech sector might be erratic... it's nothing serious, but just not as bullish as people would like,
People aren't going to take any position ahead of the elections.
Tax cuts would probably flow directly into corporate profits. Companies are lean and mean today, compared with where they were ten years ago and if the economy is going to be stimulated by either tax cuts or new spending, I would prefer tax cuts. I would prefer the approach that is more profit friendly so I guess that means I don't prefer Al Gore's approach.
Bad news can be good news for equities if the bad news causes the Fed to cut aggressively.
We'd like to combine our overall upbeat analysis of consumer spending and retail activity with our baby boom spending thesis. And this is basically grounded on the observation that baby boomers tend to spend more on quality of life and personal indulgences than their parents did when they were at the same age.
We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.
We doubt that the markets are going to take off here. I think we will need more evidence that in fact things are starting to turn.
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