“I would estimate that in the first half of this year as much as 40 percent of the increase in the total profits of companies came from the weakness in the dollar.”
“This is nothing new. Investors often let themselves get carried away on what these companies can earn. You have to value them on average earnings, not peak earnings. And we are in the process of moving to peak earnings.”
“The recovery is going to be plodding from here. I think the market will close the year higher than where it is now, but it's not going to an explosion on the way up.”
“Who the [heck] knows where the bottom is. I've been going into the market small step by small step for the past few weeks. All I've been doing is buying.”
“Tell me how things are going to move as far as Iraq is concerned and I'll tell you how the market is going to move. The market is burdened by geopolitical concerns. I'm constructive, but I make no representation as to when it will turn up.”
“The stock market is ignoring all of the bad news that is coming out, either corporate or on the economy. There is a debate right now, quarter-or a half-percentage point cut from the Fed. It's becoming more and more evident it will be a half-percentage point and that might be helping the market.”
