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
again excuse following interest knowing last likely march meeting profit raised rates strong taking walked week
It is a down week after some predictable profit taking following a strong January. But the excuse for that profit taking was the Fed. We walked away from last Tuesday's meeting in which they raised interest rates, knowing that they will likely raise rates again at their March meeting.
conditions continue detail earnings improved likely market seeing showing
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.
basis changes early federal inflation interest likely meet next points raise rates reserve signs telling various warning
I don't think it changes anything for Federal Reserve policy. Various early warning signs of inflation are still telling us they have to raise interest rates by 50 basis points and they are likely to do so when they meet next week.
fed likely market measured pace rates seeing
After seeing these reports, it's likely the Fed will...raise rates at the measured pace the market is used to.
bear best industry performing single tobacco
Tobacco is the best performing industry in every single bear market,
believe cash feeling good growing hit investors market markets number pressure
There are a growing number of investors who believe the market has hit bottom. Investors with cash are feeling pressure to get in. Good markets beget good markets.
clear earnings economy level oil price questions raises serious
The price is down some, but it's clear that oil is at a level that raises serious questions about the U.S. economy and earnings going forward.
imagine manage money stressful trying
Trying to manage money in this environment, you can't imagine how stressful this is.
steps time week
(This) week is time for two steps forward,
information start third week
(This) week is going to give us a lot of important information about the start of the third quarter,
actual calculate driving investors market paying together year
What's driving the market is speculation. You put together actual year earnings, you also calculate price-to-earnings multiples right now and what investors are paying for is really out of whack. It's too high.
oracle rest technology
What Oracle did is it demoralized the rest of the technology sector.
burned careful investors market seen stake thinking
You have to be careful about prejudging this - I've seen so many investors burned at the stake thinking things like 'Value is about to come back,' ... Let the market tell you what to do. Don't tell the market what to do.
care defensive fairly frankly good health investors last lifted month move performed quite recently relative somewhat stocks
You had a pretty good move in biotech this year, and biotech really has quite frankly lifted the health care and the drug stocks recently because investors have become somewhat defensive -- say in the last month or so -- and have also, on a relative basis, performed fairly well.