Vince Farrell Quotations

What the stock market is telling you is that the economy and corporate profits are going to recover sooner than thought.

We might get to the lower 8,000's before we get through with this.

Mix and match the risk. If you do it well, your growth guy is not going to correlate with your value guy -- but it will keep you in the game, ... If you're all in one style and it goes bad, that's the worst thing you can do if you want to build wealth over a long period of time.

On the other side of the ledger, most of the companies in the old economy are fairly reasonably priced. So, a couple of weeks ago we started to see a shift. First, the energy stocks did somewhat better. Then, the pharmaceutical stocks had quite a run. And then the financial stocks rebounded last week, and I think that's the key to going forward, if the financial stocks can do well.

Hughes and Delphi add up to over $40 a share in value then you're buying the auto company for 80 minus the 40, or about 40 bucks.

I think it's going to be a difficult year. We're undergoing a change. I think the markets will broaden and some tech stocks will suffer. In my opinion, they've reached a point of absurd valuation. These stocks are going to give up the ghost with money going into other stocks.

I think you ought to take advantage of whatever rally, if you have one today, to trim whatever holdings you have that may be a disproportionate percentage in your portfolio. You know, I've been negative on the very richly priced high tech, not all tech, but the very richly priced high tech, and I don't think it is too late to sell these.

I think the Fed is done hiking, but this economy has shown great resilience, so it's far too early to call for a decline in interest rates. I think the Fed's out of the picture for now.

I think the bloom is off the rose of the very, very richly priced 'new economy' stocks. Many of these are terrific companies, many will be here a few years from now. But I question the prices that they all got to.

I think we have a ways to go on this. Stocks are fully valued.

I think we have to wait until 2002 for the Fed's rate cuts to take hold and stocks generally move ahead of the economy,

I think what really triggered the rally was the surprise cut by (Federal Reserve Chairman Alan) Greenspan in interest rates. But earnings have been good enough to continue the rally. Now the concern going forward is: Can earnings grow in 1999.

I think today, at worst, the Fed might tilt towards a tightening. But if they don't, if they keep policy unchanged, I would expect you would see . . . the bond market should rally significantly too.

I think they should be very, very cautious. There's no rush but if you have some cash, now is the time buy selectively, ... I believe we're going to have a very quiet August but there's an old rule: Never sell short a dull market because you usually get pretty good rallies.

I think there is an era of optimism that pervades the financial community in the United States. There's just this feeling that stocks are going to go up, and up, and up.

Overall, my guess is this is a rally in a bear market. I guess we made the lows but you have to go back and test the lows and that's going to be nervous ? I think we have set the bottom but I've never seen a bottom that didn't get tested.

I was really encouraged by yesterday's move. I don't know about the average - the average is in the process of bottoming - but it may well be that the average can kind of bottom out, individual stocks are going to go off on their own, up or down.

I was really encouraged by yesterday's move, ... I don't know about the average - the average is in the process of bottoming - but it may well be that the average can kind of bottom out, individual stocks are going to go off on their own, up or down.

Most of the exploratory dollars are going to go to the great big prospects. And I think this will really impact the oil service companies' ability to continue their profit growth.

We had a little relief rally. We got through the quarterly reports and found out we were still alive.

Those are all trading around 12 times earnings and have given us very good earnings growth in a depressed pricing environment, ... And I think the pricing is improving for those companies.

The question is whether this bottom will hold or not. I suspect it will not.

The data's mixed on the economic side but we have absolutely no confidence whatsoever when profits start to grow. And I think we need that before the market can improve.

We had a euphoric day yesterday because the market thinks Mr. Greenspan is going to be benign today,

Financial stocks tend to do well when interest rates are being lowered. Interest rate moves by the Fed take about 12 months before they work their way through the economy.

But nobody wants to hear about gains over the next couple of years,

We've been building to this for some time. The economy is in a slowdown but it's not in a terrible situation.

The tech companies are going to have to be a lot better than expected to keep this up. I say sell this tech rally.

Production is declining at about a 4 percent annual rate right now while consumption is increasing between 2 and 4 percent. So inevitably the price is going to have to go up.

as go Intel's gross margins, so goes Intel's stock price.

The bottom line is earnings will be good.

AIG trades at a market multiple, and it is indeed the best insurance company in the world, in my opinion. But financial stocks rarely, if ever, trade at market multiples.

You're not going to get rich by Tuesday, it's going to take a long time, ... Don't quit your day job and don't expose yourself to levels of risk you can't tolerate.

They may or may not have exposure to the hurricanes depending on where their business is written, ... But it's psychologically a good time to move in, because that's when these stocks tend to be toward their bottoms, and indeed they are right now.

It's a shift like a drunk at a party looking for one more thing to do -- and I suspect it's not sustainable,

It's going to be a different game than I would have thought. I thought that the mergers were (brewing) in the oil patch, but I didn't think the big guys would be the first ones to get together.

Does Mr. Greenspan in the recesses of his mind think 'I've got to take back all 75 basis points'? That's what we're going to start worrying about at 2:20 on Wednesday afternoon after we get the 2:15 announcement.

No matter what happens (incoming AOL CEO Richard) Parsons and gang are going to concentrate on calming market expectations. Period.

The volatility is going to drive us crazy going forward. So tighten your seat belt.

This is a very difficult task they're taken on, and I don't think you can expect them to turn the ship around too quickly.

I like the fact that it's almost done. They are finally doing something but for seven years, the Japanese have not gotten it.

I like financial stocks, but not banks, ... As a rule you have to be very cautious, because if the economy is softening, you don't know the extent of the loan loss reserves they're going to have to ante up for loans that go bad in a soft economy.

I'm very optimistic, looking out a year or two.

I'd start to dust off the buy list on some of the tech names.

I don't think having your former chairman become vice president is going to hurt your company, if that were to come to be,

I don't think bank stocks are going to plummet, and I think you probably should take advantage of the weakness to start to add to your portfolio,

I don't think the Fed is going to raise rates . . . just because of a report the Fed is worried about it. I don't see any sign of inflation.

Gore is putting himself as the populist candidate to fight against those big companies. You'd have to say Wall Street, right now, views Gore with fear and trepidation because he's attacked those industries in his campaign. What's been very strong has been healthcare so healthcare stocks are telling you Bush is going to win. Money managers are putting their money up front.

The growth rates are still going to be significantly above what we expect the market's growth to be,

The economy looks good. Greenspan told us that.

All the bad news is not out yet, and I don't know if we're going to have another round of estimate reductions because the economy seems to be falling away far faster than any of us would expect.