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
against believe doubtful fed indeed remain vigilant
We remain doubtful that the Fed is indeed 'done,' which has become the overwhelming consensus. We believe they will be more vigilant against inflation.
fed people watch
People who want to watch the Fed need to be very careful,
economic fed indeed perhaps slowing weather
It will be interesting to see if these companies' misfortunes are indeed attributable to weather and temporary, or perhaps better attributable to the Fed and slowing economic growth.
across broad companies despite few general insider investors last months perception range ratings record selling stocks street wall within
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.
across contrary entire nearly pace record strong
We think there is a strong contrary message, ... at a record pace across nearly the entire industry.
balance based cycle income investors picking profits selection sheet sheets statement statements stock strong switch tend time variables
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.
connected greatest
Two of Michigan's greatest institutions can be connected by rail.
admittedly although attempted believe boost continue cuts demand huge japanese makers measures monetary policy seem stimulate talk tax timing
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.
answer deflation managers portfolio potential question regarding saying
Portfolio managers should answer the question regarding the potential for deflation by saying that we are already deflating.
despite earnings fact lack might pricing
Because of the lack of pricing power, earnings expectations might be too optimistic, despite the fact that they are being lowered.
capital highest returns
Returns on capital are highest where capital is scare.
companies growth lower pro quality rates using
Lower quality companies are dramatically overstating their growth rates by using pro forma earnings.
consumer emerging failed global growth housing hurt investors link market percent remains
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.
cash extremely fast might pace rate relative reliable rising signal
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.