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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There's been a great deal of turmoil, ... There's widespread bond market pessimism and at the other side of the equation, there's too much stock market optimism.
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There's fairly widespread anticipation that the economic numbers this week will be solid, though not great, and I think the market is reflecting that.
bad news
It's bad news for all of the things that have been doing well.
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It's a year-end rally in anticipation that there will be some new money coming into the market as we start the new year.
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Does this signal a policy change in Washington?
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The numbers across the board were pretty surprising. I would say that improvements in the leading indicators of the economy, like the employment and manufacturing numbers, is very encouraging and indicate that the economy is expanding and not contracting. It also suggests continued expansion into the first quarter.
good investors means news remain
That's pretty good news because it means investors did not become defensive. They remain optimistic,
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That's only the first quarter, and the trend definitely continued in the second quarter.
tend
They tend to be like sheep. They are followers. It's called piling on in football, and I think it's the equivalent. It's unprecedented.
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Almost every quarter I can remember people have come up with reasons to explain away earnings gains. The truth is that earnings are doing better, and the hope is that, because earnings are improving, companies will begin to hire and spend money on technology.
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Although they were close to expectations and maybe a little bit weaker, the numbers confirm that the economy generally is slowing, ... The report also confirms that the manufacturing sector of the economy is contracting.
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Although the expectations we've been hearing indicate a prolonged decision, the markets are telling us that the election will be resolved quickly.
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We're moving beyond that -- the market's almost immune to the scandals now.
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We're forever in search of the Holy Grail of investing and that's some formula to give us the answer, ... That's the whole problem. These things work - until you try to use them.