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Quotes of the Week

April 6, 1998

Miniscule dividend yields? Wobbly earnings? Trouble ahead? A soaring trade deficit at home? Fugeddaboudit! It's still party time on Wall Street, and nobody wants to turn down the music. The money is too easy.
     J. R. Brandstrader in "Dialing Up Dollars" from Barron's (4/6/98)

When everyone is insane, 'tis folly to be wise . . . more and more people are being converted to the doctrine that it's prudent to hold equities if you are a long-term, patient holder . . . When people believe you can't lose money in equities, everyone's making that true in the short run. But it will self destruct if the P/E gets high enough, particularly if you look ahead to 2010 when the baby boomers are ready to retire."
Paul A. Samuelson in "Tis Folly To Be Wise" RR from Dow Jones Asset Management (March/April 1998)

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