Richard Bernstein
Richard Bernstein
Richard Bernsteinis an American journalist, columnist, and author. He writes the Letter from America column for The International Herald Tribune. He was a book critic at The New York Times and a foreign correspondent for both Time magazine and The New York Times in Europe and Asia...
ProfessionJournalist
Date of Birth5 May 1944
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The big telecoms still have to be among the most disliked stocks in the world. They are so under-owned that if we see a continuation of more good news than bad, the stocks will perform quite well.
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There has been record insider selling within the last 10 months across a broad range of homebuilding companies despite very few sell ratings by Wall Street analysts and the general perception by investors that the stocks are undervalued.
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We think there is a strong contrary message, ... at a record pace across nearly the entire industry.
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We think it is now time for investors to switch from income statement variables to balance sheet variables when picking stocks, ... Portfolios in which stock selection was based on strong balance sheets tend to outperform those based on income statements when the profits cycle decelerates.
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Two of Michigan's greatest institutions can be connected by rail.
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Policy makers seem to continue to believe that they can boost demand enough to alleviate the oversupply situation. They now talk of extraordinary monetary measures and huge tax cuts to stimulate demand, ... Although their timing was admittedly very poor, Japanese policy makers attempted the same thing.
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Portfolio managers should answer the question regarding the potential for deflation by saying that we are already deflating.
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Because of the lack of pricing power, earnings expectations might be too optimistic, despite the fact that they are being lowered.
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Returns on capital are highest where capital is scare.
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Lower quality companies are dramatically overstating their growth rates by using pro forma earnings.
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I think many investors have failed to make the link between global growth and the U.S. housing market. The U.S. consumer remains 20 percent of the global economy, and a slowdown in housing and, in turn, U.S. consumption could hurt emerging market exports.
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The 1-year T-Note rate is now rising at an extremely fast pace relative to dividend yields. Historically, this has been a reliable signal that cash might outperform stocks.
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Our students just got hit with an 18.5 percent increase in tuition, and now gas prices are causing a crisis. We are going to lose students on the edge. They cannot deal with all these increases all at once.
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From our lens, the U.S. housing market has become seriously overextended and a correction looms, posing the largest risk to 2006 consumer spending.