Word: schottenfeld
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Dates: during 2001-2001
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...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...
...SCHOTTENFELD: The case for mid-caps is that the companies are still smaller than large-cap companies, so they're quick. You can turn things around a lot faster. Yet a lot of them are more substantial than their small-cap peers. These are professional teams running real companies and real products that could be leaders in their industries...
...SCHOTTENFELD: I became more aggressive after Sept. 11. I've added to almost every existing position. I was able to buy names that I previously would never have bought--all in travel, like Starwood Hotels because it's selling for half or less of its replacement value. I was able to buy Carnival and Southwest Airlines, which is one of the only airlines that has a business model that makes money, and I bought it at a value price...
...SCHOTTENFELD: I mentioned Starwood before, and I love it. The price is totally right. The stock was at $41 back in May. I've been buying at $23. The stock is worth between $40 and $50, based on the replacement value of the rooms that they own, which is 58,000 rooms. The hotels are Westin, St. Regis, Sheraton. This year earnings are going to be down for obvious reasons. What I like is on the macro side. Construction in new hotels is going down dramatically, so when we come out the other end of this downturn, they're going...