It was a year of awakening for the new investor on Wall Street and it was a very quick and sudden reversal of fortunes for many. We ran the emotional gamut from total irrational thinking and perception to reality and capitulation. Last year's market did reinforce the notion that abuses and excesses are eventually corrected and eventually reach a level of overreaction -- and that's how the year ended.
More Quotes from Ned Riley:
I think by the first quarter of next year you're going to see a much better profits picture and that's what the market's telling us here.Ned Riley
patience, knowledge and a lot of research.
Ned Riley
The fundamental environment, because we still have a whole host of earnings reports to come out, could work to slow the rally. But much of the pain and punishment has already been absorbed prior to the end of the quarter.
Ned Riley
It's a function of anxiety on the part of investors. People are saying that capital spending is weakening and the commitment to longer-term capital has waned a bit.
Ned Riley
I also feel very strongly that Procter Gamble's strategy is not going to be linked only to Procter Gamble. We will see other Dow-type companies that either have some economic sensitivity or a slowing of revenue growth start to announce restructurings.
Ned Riley
It's something of an uplifting experience for us in the investing community to see that companies really are taking their accounting seriously. An exercise that CEOs seemed to treat as rote and automatic is viewed totally differently.
Ned Riley
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