Word: clough
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...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...
...Charles Clough, chief investment strategist at Merrill Lynch, is looking for 1% to 2% annual growth for the U.S. in the next few years, about a third lower than his more optimistic peers. He places only marginal emphasis on the hit U.S. companies and the domestic economy will take directly from the depressed levels of business activity in struggling Asia...
...running for cover, consider Treasury bonds, now yielding more than 7%, or T-bond funds. "That's an extraordinary giveaway with inflation below 2%," says Charles Clough, chief strategist at Merrill Lynch. Commercial real estate investment trusts (REITS), with their 6%-plus yields and healthy underpinnings of rising rents and still reasonable property values, are a good option. So are foreign stock markets, including that of battered Japan, which has to turn up at some point. You could, of course, simply ride this thing out. But prices remain grossly inflated by most yardsticks. At best we are entering a long...
...shareholder value. You've got 23 of the 30 Dow companies buying back their own shares--$50 billion worth in the past five years, according to Birinyi Associates. They are spending all this money for one reason: reducing the supply of stock will make the price go up. Charlie Clough, the chief investment strategist at Merrill Lynch, even thinks the fall of the dollar will help the Dow reach 5000. He sees Wall Street as a Mexico for Japanese and German investors. Already, foreign buyers have begun to scoop up U.S. assets on the cheap, hence the Zurich Insurance Group...
Other job seekers have had the good fortune to find what they were looking for in a job market that seems to grow more crowded by the day. Joseph Clough landed an accounting position last December after receiving a degree in the subject from Virginia's Lynchburg College the previous May. Clough's search began in school and later took him to New York State, where he clerked in a convenience store while sending out resumes. When nothing turned up, he returned to his parents' house in Lynchburg, Virginia, only to have the pizza parlor where he had worked...