The stock market is ignoring all of the bad news that is coming out, either corporate or on the economy. There is a debate right now, quarter-or a half-percentage point cut from the Fed. It's becoming more and more evident it will be a half-percentage point and that might be helping the market.

The market is still adjusting to lower profits expectations, and beyond that it just can't make decisions with the world situation being what it is.

The recovery is going to be plodding from here. I think the market will close the year higher than where it is now, but it's not going to an explosion on the way up.

Who the [heck] knows where the bottom is. I've been going into the market small step by small step for the past few weeks. All I've been doing is buying.

How can they sell something that isn't doing well? ... They'll get nothing for it.

Tell me how things are going to move as far as Iraq is concerned and I'll tell you how the market is going to move. The market is burdened by geopolitical concerns. I'm constructive, but I make no representation as to when it will turn up.

This is a stock that has lost its way, and has lost it for a long period of time. It's in the process of losing its franchise.

Nobody is going to invest facing these impediments.

This is nothing new. Investors often let themselves get carried away on what these companies can earn. You have to value them on average earnings, not peak earnings. And we are in the process of moving to peak earnings.