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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I think we've seen technology take a tumble a number of times and come right back. Most professional money managers look at a technology slump as a buying opportunity.
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When you see buying in that (technology) sector in a bear market, it implies that there are investors out there who see improvement around the corner, and it's usually technology and cyclical stocks that lead the market out of a downtrend. The bias towards Friday's data may be that the data will be consistent with the view that the economy is showing some expansion.
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Individuals are buying stock with the idea that it will become even more overvalued. That's a sign of speculation.
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If you're not a day trader, I would say don't do a thing. If you're buying for the long term, you'll be just fine.
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The gains in those sectors is very good news. Investors are buying into riskier areas and it shows they're more optimistic about the economy and earnings.
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The gains in those sectors is very good news, ... Investors are buying into riskier areas and it shows they're more optimistic about the economy and earnings.
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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.
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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.
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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.
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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.
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ultimately extremely good news for the health of the market.
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There are big risks when you get leveraged,
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Would I bottom fish in these industry groups? Emphatically no, ... I see no reason to believe these problems will be solved anytime soon.