I hope he's right cause that's what I own. |
I think by any measure we are at a major bottom, but bottoms don't happen overnight. Stocks can hit a bottom and then trade sideways, go up and down as they adjust. But I'd be stunned if we traded more than 10 percent lower. |
In this case, it's a stealth bull market. You can make money buying stocks of good, understandable businesses -- good being defined as good balance sheets, good rates of growth, good management, no off-balance-sheet financing. No nonsense. |
Now, everything is just flipped upside down 100 percent. He was wrong then, and I think he's wrong now. He should never have raised rates. |
The market is very ripe for correction by any standard, |
The market took in some unbelievably significant bad news this week and is comparatively holding in, which is certainly encouraging, |
The terrorist issue is everybody's worst nightmare, ... It's a major negative. Israel is a major nightmare, as is the Middle East, because it's a time bomb. But they always seem to be able to figure it out when it gets serious. The real problem to me is if the U.S. goes after Saddam Hussein, because that would be like '91 and that could be a concern. But barring those negatives, the economy has clearly bottomed. The Fed cut rates to a 40-year low. Now they're even debating whether there was a recession. |
The work that we keep tells me that we are within a day or two of a short-term bottom. We are at very, very oversold levels, so the last thing anybody should do is sell tomorrow in a panic. The market should bottom over the next couple a days. |
There are companies that in my mind are obvious takeover candidates, |
You have this every couple years. You have a 10 or 11 percent decline. We've had it. It will probably go a little bit lower but this is not the beginning of the end. |