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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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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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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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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Their (Exxon's) profits were very strong, and December personal income was higher than forecast.
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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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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 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,