We had a pretty pronounced sell-off, and now some people are doing a little bit of bargain hunting.
More Quotes from Charles Lemonides:
(I)n Washington Mutual, you're getting in there at less than 10 times this year's earnings estimate. Earnings are going to be growing if not 10 percent, 15 percent, over the next two years. If you're in there at less than a double-digit multiple, and you've got 15-percent earnings growth going out, I don't see how you get hurt.Charles Lemonides
There's not a bubble in this market today.
Charles Lemonides
We've loved General Motors ( GM Research , Estimates ) for a long time because we think management is doing a lot of right things, in terms of unlocking shareholder value. I think Carl Icahn has caught onto the fact that there is an opportunity there for management to keep unlocking shareholder value. The pieces are clearly worth twice today's price, and the company is going to do well through the current economic cycle.
Charles Lemonides
There's been a huge crisis of confidence in the financial market that's contributed to the extension of the worst bear market in the post-war period. We're on the flip side of where we were three years ago, where all good news was priced into everything and the sky was considered to be sunny forever. Now we're pricing the bad news into everything.
Charles Lemonides
If you see weakness this morning, that's typically considered a good sign for strength further in the day. I think of the bulk of the damage has got to be behind you.
Charles Lemonides
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