“Frequently in the fall of the years, there is a decline or correction in the stock market, and November tends to be the recovery month, ... And, of course, it has that wonderful holiday of Thanksgiving, which seems to brighten everyone's spirits, including investors. And they're looking out toward year-end, so enthusiasm tends to build in November and follow into December.”
“We are having a little back-off in the bond market today in anticipation of what (Federal Reserve Chairman Alan Greenspan) might say. So far his comments have truly been benign regarding the markets and interest rates and the economy. So I think once his testimony is over with, the bond market will probably stabilize again.”
“I think Greenspan is just trying to let a little air out of the balloon. He is trying to say that even in a perfect economy and in this wonderful world of Wall Street there are pitfalls.”
“We've been focusing so much on tech. And we're starting to see that although these groups have periods of growth, they are basically cyclical... But until investors realize that, these things (Oracle's warning) are going to have a big impact on trade, ... that the banking stocks will come under pressure too.”
“We've been talking about a recovery in advertising. Well, R.R. Donnelley does the advertising for the Yellow Pages and it has a 3 percent yield, ... It's selling at a relatively low multiple and a 17 times earnings multiple for '03 and I think it is a stock that individuals can look at.”
