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 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.
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It confirms that as we started the fourth quarter the economy continues to slow, ... At the same time that the economy is slowing, there is ongoing tightness in the labor markets and ongoing upward pressure on wages.
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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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The inflationary news today was extraordinary. Even though we are seeing upward pressure on wages, it's not overwhelming. We are seeing some upward pressure on prices, but it remains very benign.
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Tobacco is the best performing industry in every single bear market,
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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.
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Trying to manage money in this environment, you can't imagine how stressful this is.
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(This) week is time for two steps forward,
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(This) week is going to give us a lot of important information about the start of the third quarter,
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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.
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What Oracle did is it demoralized the rest of the technology sector.
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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.
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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.
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Even though it's a bad time, it's a good time - if you have a taxable account, you clearly want to harvest some of the gains, and offset it with some sales of losses,