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
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.
came huge issue passionate since transit
I've been passionate about this ever since I came on the board; transit is a huge issue for me.
near
S&P 500 valuations, by some measures, are near or at all-time highs,
investors late private
Private investors are usually late to the party.
build building equity high house levels people prefer price speculate using wealth
People used to build wealth through building equity in their homes. Today, people prefer to speculate on the price of their house by using historically high levels of leverage.
closely companies executives held people trying
People say these companies are closely held and that the executives are trying to diversify, but why now?
amazed truly
We are truly amazed by this incremental bullishness.
commented equity improving line market stepped thin
We have commented that there is a thin line between a liquidity-driven market that anticipates improving fundamentals and a bubble. The equity market may have stepped over that line.
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.
building caught component constant dividends forget huge individual investors
Most individual investors get caught up in the hype. They forget that the constant reinvestment of dividends can be a huge component of building wealth.
believe continue downside equity risk upside
We continue to believe that there is considerably more downside risk than upside risk to the equity market,
believe continue investors market
We continue to believe that the market is riskier and more speculative than most investors believe.
believe continue focus investors
We continue to believe that longer-term investors should focus on yield.
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.