Word: clough
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Dates: during 1990-1999
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...annualized growth rate--nearly 8%--that is almost three times what the U.S. will likely manage in this fairly sizzling year. And global investors, feeling some drag in American markets, are looking to Japan for the next big ride. "The jump in the Nikkei is very real," says Chuck Clough, chief investment strategist at Merrill Lynch. "I believe it could reach 36,000 in two years." That greedy mantra--a 100% return in two years!--has sent billions of dollars and euros thundering into Tokyo. And it is freaking out the Japanese...
...only reason interest rates are even as high as they are now, says Charles Clough, chief investment strategist of Merrill Lynch, is "the bond market's proclivity to identify growth with inflation." But that proclivity, in the board's opinion, is simply wrong: there is no inflation threat scary enough to push the Fed into drastic action. Prices did spike abruptly in April, but that, says Clough, was due largely to a speculative rise in industrial commodity prices that "has already lapsed." Though Asian countries are starting to recover from the crisis that knocked demand and commodity prices...
...this lunacy? Not at all. "The stock market is acting perfectly rational with this Internet thing," says Charles Clough, chief market strategist at Merrill. "It is providing capital because this whole infrastructure has to be built, and it has to be built very rapidly...
...think everyone who saw it was pleased abouthow it looked," said CSB Marketing RepresentativeHeidi T. Clough...
...more if it persisted, say, until early next year. But there's a good chance it won't last that long. Profit margins are getting squeezed, and companies are running out of cash; some may not even be able to make good on the buybacks they've promised. Charles Clough, chief investment strategist at Merrill Lynch, notes that the amount of cash that companies have left after investing in plant and equipment--which is the cash that funds most buybacks--has been dwindling for two years. By next year the till may be empty...