Tobias Levkovich
Tobias Levkovich
bad bizarre equity news piece seems
It seems as if we have re-entered the bizarre world in which every piece of news must be interpreted as being bad for equity investors.
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The investment community currently seems to be gleaning more of its market insight from the headlines scrolling across CNN and Fox news Channel than from underlying business fundamentals,
bush expect infer investors seem somewhat victory
We think most investors already seem to expect a Bush victory. Consequently, we infer that a Bush victory would be somewhat anti-climactic.
behind biggest bull buying factor fairly great hesitate latest seems stocks tech
Tech has been the biggest factor behind the latest bull run, so the fact that stocks are down seems fairly reasonable. I hesitate to sit back and say this a great buying opportunity.
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Within the capital spending sensitive Information Technology arena, the lack of follow through to even higher levels of growth has been very disappointing to the investment community. Yet, one needs to recognize that tech spending has been coming back for almost two years now and is not only now emerging from a long slumber, as many seem to think,
caps favor fed large larger raising stopped tend
In 1995, when the Fed stopped raising rates, large caps did take the lead. We think that that's a possibility, and we tend to favor the larger caps.
drive economy fed hard series worked
The Fed has worked too hard to reinvigorate the economy after a series of shocks, in our opinion, to drive everything back down,
energy factors far fed held market people prices primary raising rates
The two primary factors that held up the market were the Fed raising rates ... and that energy prices were far more excitable than people had anticipated.
beginning buying
There could be a hiccup at the beginning of the year, but we would look at that as a buying opportunity.
drummer due economic japanese marching market number
To a degree, the Japanese market has been marching to its own drummer for a number of years due to its economic difficulties.
amongst beginnings bullish degrees earnings economic equity few given investors markets needed next reasonable relatively remain skepticism strong talk
We do not think that investors have given up on the equity markets and we remain bullish over the next few months, ... the beginnings of an economic tailwind, the probability of needed incremental upward earnings revisions, reasonable valuation and relatively strong degrees of skepticism amongst investors we talk to.
environment everybody forces losing people playing stuff work
McManus has been right, but so what? ... You have forces at work that don't have anything to do with strategy. In an environment where everybody is losing money, this directional stuff isn't that important. People are playing a lot of defense.
bush companies control hanging makers price scare
If Bush wins, the price control scare hanging over managed care companies and drug makers would be lifted.
close
That, in our opinion, probably suggests we're close to the bottom.