The primary assumption is that economic and profit growth will resume by midyear, |
The principal conclusion is that we expect profit growth to continue through our new forecast horizon, |
The so-called January rally has been a Thanksgiving event in the United States for the past decade, |
The volatility has been more intense than we might have expected, ... in the United States, that correction has really been overdone. |
Today the markets are already priced for imperfection, |
We are currently advising a moderate overweight, with an emphasis on oil services and a small number of integrated producers, |
We are pleased that the rest of the world is catching up. |
We believe that the backdrop for investments in technology is favorable, |
We believe the decline in share prices ... has gone well beyond what the fundamentals suggest, |
We believe these worries will be short-lived, ... The intermediate and long-term view remains bright. |
We don't think so, and continue to assume long-term earnings growth of 7 percent-to-8 percent in our valuation model, |
We expect 1999 and 2000 to be years of ongoing profit expansion, with better aggregate gains than 1998, which was disappointing, |
We expect 2001 to be yet another year of profit expansion, albeit at a slower pace, |
We expect profit growth to decelerate in the second half of 2004, |
We expect the DJIA to outperform the S&P 500 in 1999, following notable under-performance in many recent quarters due to differences in industry composition, |