Word: marketed
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Dates: during 2000-2009
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...this is healthy? No, I wouldn't say healthy. What we said coming into 2009 is that stocks would enter a base-building phase that would, over time, heal the technical damage done to the market in 2008. What base-building means is that you go into a trading range. But we also could have some very exciting rallies in the process of base-building...
...longer term, we have to view this in the context of a base-building process, which means that we are probably going to go back down and retest the lows before this process is over. [The stock market's lows were 667 on the S&P 500 and 6440 on the Dow, both reached in early March...
...significant? Whenever the dividend yield on the S&P 500 rises above 3%, which it has, that's significant, even if it's not above the 10-year Treasury. It says stocks are attractive. That said, we are very cautious about what to own in this market. Bottom line: If you can find high-quality companies - meaning they have a good balance sheet and provide yield - we think for the long-term investor this is now an attractive way to invest. The consumer-staples sector (i.e., food, beverage, tobacco, etc.) is a good sector for finding these types of stocks...
...return to the lows will really depend on what happens to the financial-sector stocks. The government has provided many new programs to help fix our banking system, and how those programs work will determine whether the financial stocks have to go to new lows. The broader stock market has been building a technical base since October, but financial stocks are just starting to build a base. The risk we have is that financial stocks will have to go to new lows, and that will cause more volatility in the overall market...
...there any parallels to this stock market? We've likened this market to 1937 and 1938. In '37 you saw a 50% correction within the equity market. But in 1938, from March '38 to November '38, the market had a 60% rally. That was all part of a base-building process. The stock market really didn't make its low until 1942, and that was a marginal new low - all in the context of building a base. So what we're trying to tell investors is that the key to this market now is patience - that this is going...