Tobias Levkovich Quotations

While many are focusing on the infamous bankrupt entities as the primary culprits for the market losses, once must recognize that several companies that have not been besieged by fraud allegations have also lost billions in value.

There are early indications of a recovery if you're looking for them as opposed to being distracted by Senate hearings.

McManus has been right, but so what? ... You have forces at work that don't have anything to do with strategy. In an environment where everybody is losing money, this directional stuff isn't that important. People are playing a lot of defense.

If Bush wins, the price control scare hanging over managed care companies and drug makers would be lifted.

From a technician's point of view, breaking through 1,300 was an important factor.

Within the capital spending sensitive Information Technology arena, the lack of follow through to even higher levels of growth has been very disappointing to the investment community. Yet, one needs to recognize that tech spending has been coming back for almost two years now and is not only now emerging from a long slumber, as many seem to think,

Over time, specific industry fundamentals are far more important than election results.

Our overall 2006 bullishness remains intact, as an attractive buying opportunity is being set up.

Look at some of the targets these people had, ... They don't carry any weight anymore.

While we think 2006 will be a good year for stocks, we do not necessarily think it will be an easy one, without hiccups along the way.

The President's proposal should be viewed as an initial bargaining position.

There could be a hiccup at the beginning of the year, but we would look at that as a buying opportunity.

To a degree, the Japanese market has been marching to its own drummer for a number of years due to its economic difficulties.

We think most investors already seem to expect a Bush victory. Consequently, we infer that a Bush victory would be somewhat anti-climactic.

We do not think that investors have given up on the equity markets and we remain bullish over the next few months, ... the beginnings of an economic tailwind, the probability of needed incremental upward earnings revisions, reasonable valuation and relatively strong degrees of skepticism amongst investors we talk to.

Tech has been the biggest factor behind the latest bull run, so the fact that stocks are down seems fairly reasonable. I hesitate to sit back and say this a great buying opportunity.

That, in our opinion, probably suggests we're close to the bottom.

It seems as if we have re-entered the bizarre world in which every piece of news must be interpreted as being bad for equity investors.

The two primary factors that held up the market were the Fed raising rates ... and that energy prices were far more excitable than people had anticipated.

The investment community currently seems to be gleaning more of its market insight from the headlines scrolling across CNN and Fox news Channel than from underlying business fundamentals,

The Fed has worked too hard to reinvigorate the economy after a series of shocks, in our opinion, to drive everything back down,

In 1995, when the Fed stopped raising rates, large caps did take the lead. We think that that's a possibility, and we tend to favor the larger caps.

If powerful upward earnings estimate revisions have not been able to drive equity prices higher, we suspect that downward momentum in such estimate revisions may cause further stock market weakness to emerge in the next few months.

If people we're really trying to manipulate earnings you would think they would have done a better job.

GDP leads earnings by two quarters. Earnings lead capital spending by two quarters. So GDP leads capital spending by four quarters. We shouldn't hear that things are getting better until the fourth quarter at the earliest,

This is a company that can do well in a good economy, and do well in a so-so economy. It's not isolated to a single sector like so many of these tech companies that struggle because their sector slows down.

You can see the fad, and know it's just a matter of time until it blows up. When people get worried, they will want the safety of U.S. equities.