Joseph Cohenwas a Canadian lawyer, academic, and politician... (wikipedia)
We believe that the backdrop for investments in technology is favorable,
The principal conclusion is that we expect profit growth to continue through our new forecast horizon,
My feeling is there are some good opportunities left in the Nasdaq, ... But investors have to be careful.
No one will help us. The tanks remain in our front yard, and create dust and mess. When it rains, the mud is so bad, our children can't even go to school.
Global investor attention has recently focused on three nations: Russia, Brazil and Venezuela. The direct economic consequences for the United States are quite small,
When investors come to accept the view that the seeds for economic reinvigoration have already been sown, a more aggressive approach will be appropriate,
It appears that operating earnings per share rose 6 percent to 7 percent in the second quarter, following a similar performance in the first.
I think it was more of an excuse, ... Weakness in Asia just hurts a strong economy a little bit around the edges.
recession fears are unwarranted for this year and the next.
Little of a fundamental nature, specific to the U.S. economy or corporate performance, has changed in recent weeks,
We believe these worries will be short-lived, ... The intermediate and long-term view remains bright.
We believe the decline in share prices ... has gone well beyond what the fundamentals suggest,
Today the markets are already priced for imperfection,
We had expected that 1999 would be a good year for the economy, profits would grow and inflation would stay under control, ... If that's right, 2000 should be yet another year of this economic and profit expansion and stocks should continue to rise.
We are pleased that the rest of the world is catching up.
When we put all of these facts together, we conclude that the market today is roughly at fair value,
We are currently advising a moderate overweight, with an emphasis on oil services and a small number of integrated producers,
We went from a market that was dramatically undervalued to one that is priced close to where it should be,
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,
An investor today should be doing what an investor should always be doing, and that is thinking about what the economic environment is likely to be going forward. There is not a recession likely here anytime soon.
Equity valuation has improved since March, ... the most attractive they have been all year.
is likely to regain some of its lost value in the months ahead.
The so-called January rally has been a Thanksgiving event in the United States for the past decade,
Our economic outlook still calls for real GDP (gross domestic product) growth averaging 3-4 percent in coming quarters. We believe that economic and profit expansion can persist for longer at the moderate pace we project,
After September 11, 2001, we assumed that the equity risk premium demanded by investors would be above the historical average, but did not anticipate the current extreme reading which is near the highs of the past three decades,
It is too soon to know how the situation in Iraq will unfold in the coming months, and the extent to which the new government can indeed control the country, ... But, for the present, investors seem relieved that the direction is not toward an increased level of U.S. involvement.
Data suggest that economic activity has bottomed and that the worst is now being reported for corporate profits, ... As such, stock price gains are expected to continue, supported by improvements in corporate performance and mild-mannered inflation and interest rates.
The volatility has been more intense than we might have expected, ... in the United States, that correction has really been overdone.
Smaller issues offer attractive relative valuation, following an extended period of share price underperformance,
In 1997, investors were going for the sizzle around the world; this time they're going for the steak, ... The United States is the supertanker economy and assets in the United States represent good value.
Investors are recognizing the fundamentals are still terrific, ... Profits are sound, the economy is growing. Inflation is not yet rearing its ugly head.
The global backdrop in 1999 will continue to offer impediments, but we expect Supertanker America to stay its course of moderate economic and profit growth,