Hugh Johnson
Hugh Johnson
Hugh Johnson OBEis a British author and expert on wine. He is considered the world's best-selling wine writer. His 1961 tasting of a bottle of 1540 Steinwein from the German vineyard Würzburger Stein is considered to potentially be one of the oldest wines to have ever been tasted...
ProfessionNon-Fiction Author
Date of Birth10 March 1939
extremely good health news ultimately
ultimately extremely good news for the health of the market.
risks
There are big risks when you get leveraged,
bull imply investment irrational lunacy market policy rational stock stocks touch
When you say the stock market is overvalued, you imply that the stock market is going down. But there is a touch of lunacy in every bull market -- stocks can become even more overvalued. A rational investment policy in an irrational world is suicide.
anytime believe bottom fish industry problems reason solved
Would I bottom fish in these industry groups? Emphatically no, ... I see no reason to believe these problems will be solved anytime soon.
ambiguity appears believe bit federal good governors increases lack news rate reserve though
When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.
conditions continue detail earnings improved likely market seeing showing
What we're seeing from Lehman is that market conditions improved through the summer, and that conditions are likely to continue improving. That's showing up in the earnings and in the detail of their reports.
clearly federal interest rate reserve six
Clearly the Federal Reserve is getting what it wanted with six interest rate increases.
edit looking might sold
By the way, you wouldn't edit this paper, would you? I've sold it, and I'm looking for an editor. And I think you might be the guy.
chunk economic guarded investors oil point prices
Investors become very guarded at the point that they think oil prices could take a chunk out of economic growth,
call care carry case cheaper energy great health higher individual levels longer oracle overall sector separate starting stocks technology texas
If you separate out all the sectors of the market, it's no longer the case that technology is the most overvalued sector of the market, health care and energy actually carry higher valuations than technology now. So we are starting to get the levels overall in technology that really make some sense. And interestingly enough, if you take it even further, if you go to the individual stocks, stocks like Sun, Cisco, Texas Instruments, Oracle -- great names, they're starting to get to levels which, again, don't call them cheap, but call them cheaper and interesting,
aggressive cash defend defensive investor portfolio raising shifting sleep
If you're an aggressive investor and can't sleep at night, then you should defend your portfolio by raising some cash and shifting into more defensive stocks,
hang hat lots signals yield
If there are lots of other signals of appending recession, take it seriously. But don't hang your hat on the yield curve.
accurately ahead economy investors level market reached reflects saying
If there's no bounce, it's investors saying that the market has not reached a level that accurately reflects what's ahead for the economy and earnings.
bet bull
If you get that configuration, particularly liquidity conditions, usually you can bet pretty heavily that this is going to be a bull market.