Mike Lenhoff Quotations

We have probably moved ahead of ourselves. The market is not expensive but it has moved quite forcibly upwards.

We've seen a bit of profit-taking (in the U.S.). I don't think this is the start of a serious decline in global equity markets.

Fundamentals remain positive for equity markets so our view is: stick with the trend, it's not the end, it's still your friend.

That would lead to a rise in bond yields and in turn start to make equities look unattractive. If that happens on Wall Street, it's going to happen here in the UK, it's going to happen in Europe, and everywhere else.

We are seeing more analyst downgrades than upgrades. Loss of earnings momentum in Europe is weighing.

We are seeing more analyst downgrades than upgrades, ... Loss of earnings momentum in Europe is weighing.

There is no reason to think that markets, with the momentum we have seen, will run out of steam.

U.S. corporate growth remains very solid despite high oil prices. The stock market is bound for some gains today.

Corporate earnings growth remains supported by the outlook for global economic activity, which is improving.

These bond markets seem determined to convince everyone that interest rates are going a lot higher than expected.

Pretty much everyone has been overwhelmed by the way in which the market has steadfastly moved higher. But valuations are still satisfactory because the earnings are coming through.

Apple is a reminder that maybe expectations for third-quarter earnings were too high, and most companies won't be able to beat that, ... The combination of earnings worries, with recent comments by Fed officials on inflation will drag on the markets today.

This is a set of background features that will hopefully continue to contribute throughout 2006.

The key thing is to make sure the consumer doesn't start flagging,

If there is a statement out tomorrow that says the U.S. economy is still sizzling and we are still concerned about inflationary pressures ... then that will shake up the market a bit and that will reverberate back to Europe and the UK.

Generally speaking, the earnings results have been good. We've got another quarter of solid growth. It suggests to me investors should not be quibbling about the backdrop of the market,

The combination is helping to underpin equity markets and should drive them higher.

The global outlook is OK, so that suggests that the earnings (growth) will still be there, and as long as they are, people take the view that the wherewithal for dividend growth and share buybacks will be there.

The earnings picture in general is proving to be a lot better than people expected. The outlook for earnings is still very positive so these markets are doing exactly as you'd expect. There's no indication yet they're looking tired.

The market is up and wants to go higher. It looks as if we'll get to somewhere between 5,600 and 5,700 by year end.

The market has moved ahead and made progress, and that's with rates rising. The Fed is likely to cap rates at 5 or 5.25. Rates will be less of an issue.

The market is really banking on the fact that all the factors that pushed it up last year are going to do so this year. The only thing that will stop it are higher interest rates and earnings disappointments -- at the moment it does not look like you are going to get any major earnings disappointments.