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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It's very clear that higher energy prices are now being passed along to consumers, and it's not difficult to do that when the economy is as strong as it is. This will put additional pressure on the Federal Reserve to continue to raise short-term interest rates.
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It's pretty clear that companies have made money and their cash positions are high and this should help the market stage an advance in November and December.
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It will eventually slow the growth rate of earnings. Therefore you should own companies with low price-earnings ratios, not high price-earnings ratios.
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I think we're going to edge our way higher but I don't think it's going to be a barn burning.
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Ordinarily you would expect the stock market to rise or do better, but it's not, and I think the reason it's not is it's being held in check by high oil prices.
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Long-term interest rates are low and I'd prefer to buy when rates are higher and more attractive. As a federal government issuer or taxpayer, I'd be excited but, as an investor, I just don't see the appeal.
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Long term interest rates are higher now than they were in the second and third quarters, and debt levels are higher too. Yes, consumer spending will continue to expand, but it will be slower.
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Shell Oil has made an offer to Barrett, ... I think they're going to have to make a higher offer to buy the company.
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That's a growth stock that is trading at an unusually high price-earnings ratio compared to growth, ... It's being priced as a rather racy e-commerce company. They've done a really good job (of adapting to the Internet) -- that company thinks great, they have a great culture.
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Their (Exxon's) profits were very strong, and December personal income was higher than forecast.
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These numbers were highly impacted if not distorted by Hurricane Katrina.
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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,
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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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It was almost a sure bet that the Fed was going to raise rates in June. Now it's almost a sure bet, say 50-50 at least, that they won't move in June.