Brett Gallagher Quotations

With pharmaceuticals, the problems are pretty well known. I don't think they're going to get any worse from here.

One positive is that S&P earnings so far have looked better than the year-earlier period. Granted, comparisons are a lot easier as companies take less write-offs, but it's still something that's encouraging. I don't think we're going to have a big profit recovery, but we'll have the appearance of improvement.

Investors have been ignoring earnings and looking forward, pretty much discounting the third quarter and looking to early 2002. I don't see any major roadblocks on the horizon for now. We have staying power in the very short term.

Investors had to decide this (Monday) morning whether last week's rally was real or just a knee-jerk reaction to the previous week's losses.

From a technical standpoint the markets are a little oversold. There's tinder for the fire if the markets pick it up. Investors have to reconcile themselves that they're never going to find the bottom.

GAAP is the most honest measure of earnings, ... but the main problem with it is the cyclicality of it.

Longer term, is the war going to have a major impact on the direction of the market? I don't think so.

It seems to me that this is a market where fundamental analysis has fallen flat. If you're looking for higher quality companies whose fundamentals are on the mend, you're not catching this market.

Intel says it can't put a number on the value of employee options. But any estimate is closer to the truth than zero.

The market was down so far so fast recently that I don't think it takes much to get a bounce here. Investors were just determined today to be optimistic.