Word: bulls
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...surely as overbuilding of cars or offices. It all comes down to what the consumer will pay for. And in the Internet boom, "there was a false belief that businesses could continue to buy productivity-enhancing devices and invent consumption," says Joe Battipaglia, market strategist at Gruntal. A prominent bull even through the bear market, Battipaglia has learned how dramatically things can change. So should we all, so that in the next recession we can make different mistakes...
...employee's compensation. Even with a jittery stock market, employees stand to do well because results are determined as much by the company's progress toward its business goals as by the performance of its stock. "It's not strictly tied to the euphoria of the bull market or the despair of the bear market," explains chairman John Brennan. Employees seem to like the arrangement: turnover each year is less than 10%, about half that of competing money-management firms...
WEITZ: We had a 25-year bull market where stocks got systematically inflated, and we've had only a year and a half of squeezing that out. I don't think they're especially cheap. If you had to buy today and hold for five years, it might turn out O.K. But I don't think you automatically get 10%-a-year returns from here...
SCHOTTENFELD: This terrorism thing you can't quantify. But barring that, I think we're really in the economic sweet spot for stocks. You've got a lot of stimulus: government spending, tax cuts, a concerted effort globally to reduce interest rates. Bull markets never look good when they begin. I'm not saying this is going to be a blowout, but we have all the pieces in place to make a case for buying stocks...
SCHOTTENFELD: Bull markets have started in the past at high P/E multiples because the earnings are depressed. And with bond yields so low, an S&P 500 at 23 times earnings isn't outrageous...