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
worry
I don't worry about volatility. I worry about down .
driving federal good inflation interest market problem raise reserve theme underlying
The underlying theme that's been driving the market is that inflation is a problem and the Federal Reserve is going to raise interest rates, and that's not good news.
impressive last meet ongoing percent production ramp seen strong truth year
The truth is with Harley-Davidson, like a lot of other companies, like Wal-Mart and Target, we've seen ongoing, strong demand, ... Harley-Davidson's production has had to ramp up 15 percent per year for the last 10 years. That's pretty impressive and it's all been done to meet that ongoing demand.
comments conclude decline fairly fed however interest led meeting oil raise rates upbeat
The combination of a decline in oil prices, however slight, and some fairly upbeat comments (by Fed officials), may have led Fed watchers to conclude the Fed may raise interest rates at its meeting in May, and then stop.
clearly focus
The focus is clearly on earnings, that's what it's really all about.
absolutely fed focus help inflation interest manage market order shift small
The focus has been on earnings, and when you get something like Aetna, then that's going to help the market. But one of these days, that focus is going to shift to inflation and interest rates. And the Fed is going to have to get it absolutely right in order for this market to manage even small gains.
including market rational stock tells
The market does have a valuation problem. But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.
including market rational stock tells
The market does have a valuation problem, ... But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.
grow growth pay percent
If I thought Cisco was going to grow 40 percent for one year, I would never pay two-plus the growth rate. But if I thought it was going to be a five-year deal, I would.
crucial election element oil remains
The election is another element of ambiguity, ... and oil remains the crucial variable.
news pressure remains seeing though today
The inflationary news today was extraordinary. Even though we are seeing upward pressure on wages, it's not overwhelming. We are seeing some upward pressure on prices, but it remains very benign.
couple cut history rates says time
You won't know for a couple of weeks. History says they (the Fed) need to cut rates more than one time but I am encouraged.
bull conditions despite fed markets start yesterday
The conditions for the restarting of the bull market, or the start of a new bull market, which is how you should look at it, those conditions do not exist. Not yet, and that's why the markets went down yesterday despite what the Fed said,
catch closer darn earnings market needs stayed until wait year
The market needs to let earnings catch up -- wait until we get closer to the year 2000, when we can feel comfortable that the market is not overvalued. If the market stayed the same while earnings rose, then price-earnings ratios would be so darn high.