Word: bernsteins
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According to the Romer-Bernstein report, the effects of this plan will last until late 2011, with unemployment still 1.5 percent higher than the natural rate. This stimulus package could define the first term of Obama’s presidency—there is no margin for error...
...been so well received that scores of schools around the country have contacted the students' company about designing their own iPhone apps. (Yes, Beykpour and another boyhood pal, Joe Bernstein, have already launched a start-up in San Francisco, called TerriblyClever, without any angel or venture capital funding. And yes, it's already profitable, Beykpour said...
...Bernstein: We have several themes. The infrastructure theme is one of them but we put a little twist on that because we don't think people have really thought about it all the way through. A lot of infrastructure-related companies are going to see pretty substantial declines in their revenues and earnings because they've been so exposed to the energy sector, and energy-related capital spending is being cut back pretty dramatically here. So our analysts are focusing on those companies that are more related to water projects and highway projects and have minimal exposure to the energy...
...Bernstein: What you just mentioned are two sectors - especially real estate - that are very, very credit-driven. And one of the reasons we don't think you'll see a V-shaped recovery in the United States is that the early portions of the economic recovery cycle are always very, very dependent on credit. Things like housing, autos, big-ticket retailing. And we doubt that credit creation is going to see the kind of dramatic recovery that would cause a significant upturn in the economy...
...Bernstein: We do not think that people should be looking at value funds yet. Value stocks are very dependent on credit, that is, their performance is very related to the upturn in the economic cycle. We really don't have a lot of evidence right now to support an emphasis on value stocks. We prefer growth stocks, though there's more than one type of growth stock. There are the companies offering stable growth, where the stocks sell at a reasonable price, and then there's kind of the momentum growth. And growth mutual funds follow one or the other...