I'm hopeful that we're nearing the end of this series of tightening. I don't think we have a serious inflation problem. With strong productivity, unit labor costs are under control.
Small business owners have a great stake not only in what's going on in the stock market, but what's happening in the overall economy as a result.
The Fed often overshoots and I think you have to prepare for that outcome.
The market is nervous. We're in a transition period as we get through all the accounting issues.
The war phase in Iraq seems to be winding down. I think in the months ahead consumer confidence will improve. It's a mistake to just look at the short term. I think it's more important to think about the third and fourth quarters.
Take IBM out and the market looks pretty much unchanged on the day.
The market has done well in the year following a recession. We think the recession has ended.
Individual investors have to separate the statistical noise of week to week numbers and focus on the big picture.
If the economy is growing, companies' earnings are growing and that moves the market.
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