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November, 2007
Recession not likely, analyst tells conference
“It is easy to get caught up in those sectors of the economy that are having trouble but keep in mind we have a broad, diverse economy,” Cohen said. “We believe the U.S. economy is basically solid. There are questions in housing and consumer spending, but other factors make us feel more comfortable.”
What exactly is basically solid? Is quicksand basically solid? Rather than just dwell on that disclaimer, let's instead list all those other factors then. Okay, here's the very next paragraph.
The future may bring inflation and interest rates somewhat higher, and Cohen acknowledged concern over oil, which is fast approaching $100 per barrel. But, she said that, in general, commodity prices are holding the line.
What? Those are the factors making her comfortable? Say what? Holding this line perhaps? The commodity price index line that started on August 20, 2007 at 299.21 and is now 349.76? That nearly parabolic line? Is THAT the one that's holding the line?
Just who is this Abby Joseph Cohen person anyway? And more importantly, what advice was she offering back in 2000? Inquiring minds want to know!
Abby Cohen
But when the equity-bubble popped in March 2000, ushering in the first recession in a decade, Cohen lost her leading status. For way too long, she stood by her 2001 price target of 1,650 for the S&P 500. And in March 2001 — when the recession is now known to have officially started — she advised clients to increase their exposure to stocks, explaining that economic imbalances "have been largely resolved."
In early 2001 the problems were largely contained? Is that what I'm hearing?
April, 2001
THE MARKETS: STOCKS & BONDS; Dow and Nasdaq Soar After Rate Cut by Federal Reserve
Investors were already celebrating a better-than-expected earnings report from Intel that came after the market closed on Tuesday. They also took solace from statements by Abby Joseph Cohen, the market strategist for Goldman Sachs, who reiterated her view that stocks are undervalued and that corporate profits would pick up later this year, even as she slightly reduced her stock market targets for the end of the year.
November, 2002
Between a Paw and a Sharp Place
The bears are overestimating other risks, Ms. Cohen said. The risk of Japanese-style deflation is minimal, because the American banking system is much stronger than its counterpart in Japan. And concerns about corporate accounting, although real, are overblown, Ms. Cohen said.
Yes, we are known for our strong banking system. We are especially well known for our "overblown" corporate accounting these days. Not a day goes by when I don't wonder what parts of our overleveraged society might overblow up next.
See Also:
SAY WHAT, Abby Joseph Cohen?
Hotels: Occupancy Rate Decreased 3.5% Year-over-year
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From STR: U.S. hotel results for week ending 16 November
Due to the Veteran’s Day calendar shift, the U.S. hotel industry reported
mixed year-over-year per...
3 hours ago
3 comments:
Mark sometimes you just have to shake your head in the wonderment of it all. LOL
Ok Abby what ever you say.
A ton of U.S. coal is so inexpensive, at about $47, that European utilities will pay $50 to ship it across the Atlantic, according to Galbraith's, a 263-year-old London shipbroker.
there is a definite price advantage: U.S. coal prices are equal to $1.98 for each million British thermal units of energy, compared with $12.51 for fuel oil and $6.91 for natural gas, data compiled by Bloomberg show. A million British thermal units is the equivalent of eight gallons, or 30 liters, of gasoline.
"There is a huge advantage with coal, and this will continue indefinitely," said Gianfilippo Mancini, the head of fuel purchasing for Enel, the largest Italian power company, which is spending €4 billion, or $5.8 billion, to convert oil-fed plants to run on coal.
Proposed U.S. coal plants may not be completed because of regulatory and environmental opposition. Kansas regulators last month rejected a permit for a coal-fueled plant because its carbon emissions were deemed a health hazard.
New cleaner-burning technologies for coal, including one that converts the fuel to a synthetic gas, have been delayed or rejected as too costly. Financing new coal plants may also become more difficult as environmental groups step up efforts against lenders including Citigroup and Bank of America.
"I didn't know how to get coal to Romania a month ago but I do now," said Michael McQuillen, chief executive of Alpha Natural Resources, the coal miner in Virginia formed by First Reserve, the largest private equity firm focused on energy assets. Russia, Ukraine and Romania are all looking to buy from the United States, he said.
http://www.iht.com/articles/2007/11/05/business/ship.php
At least we have something other nations want.
Kevin
When oil runs out we might be sittin' pretty. No wonder Abby is so bullish all the time (and I do mean ALL the time).
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