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
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As the transition from the bond business to the stock business takes place, the stock business needs to recover.
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The good news was good enough to more than offset the worries about wages and Federal Reserve policy. There is an emotional component to the market today. Some speculative spirits are starting to stir.
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The reason the (stock) market is struggling is that concerns about the economy and earnings are deepening, ... We don't see anything that says the current profit recession is going to end.
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When all of the markets around the globe simultaneously go down, that's the message. That's what you have to worry about.
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This thing that bothers me is you get into markets like this and they can go from being overvalued to extremely overvalued,
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There have been a lot of high-profile companies taking a lot of extraordinary drops. When things go south for a company, they really go south.
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We'll have some bewildering rises and some bewildering, if not shocking, declines.
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To some extent everybody is a little exhausted. In the absence of big news we'll see a quieter day. It feels like we were hit by a tidal wave over the past three or four days and today is like the aftermath, picking up the pieces.
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The reason for the (technology) decline is the combination of the Cisco earnings and the comments from CEO John Chambers. He basically said what Intel said recently: that customers are getting very cautious and that spending on technology is slowing.
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The recent rise in interest rates has created some uncertainty about the bull market's longevity.
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I don' think we are ready for a major move,
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Momentum investors are looking for something that works. What works is technology.
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One message we get is that the stocks people buy when they're scared -- basic materials, beverages, foods -- did not do as well. Investors are more optimistic about the economy.
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Nobody knows where the market is going. You just have to take your best bet.