Quote of the Day
?The rule of thumb is to do your homework, do your analysis, don?t give up prudent risk management for the sake of certain fads. Look for real valuations, and stay true to your time frames,? saidMarc Chandler, the global head of currency strategy at Brown Brothers Harriman.
?My future is behind me,? said Vice President, Lyndon Banes Johnson, to an aide on the flight down to Dallas, Texas on November 20, 1963.
Quote of the Day
?If You?ve lived long enough on Wall Street, you know that we shoot out wounded and eat our young,? said Brad Hintz, an analyst with Sandford Bernstein.
We have been pretending that we?re too big to fail. We?re not too big to fail, You can jump off of a 90 story building and feel fine for the first 89 stories. It?s the sudden stop at the end that tells you you?re not.? said Tom Friedman, New York Times columnist and author of Hot, Flat and Crowded.
?It?s an ugly contest; do you want the dollar, the euro, or the yen,? said hedge fund legend, Ray Dalio of Bridgewater Associates.
?The nice thing about gold is that it has no PE multiple. Because it earns and yields nothing, gold is a speculation on the systematic debasement of currencies by central banks,? said Jim Grant of Grant?s Interest Rate Observer.
?There?s no exit. I think it?s more likely that the Fed buys all the Treasury bonds that exist than to work the opposite direction and start selling them. I have no concept of what the Fed exit strategy is going to look like. It?s way out in the future,? said Jeffrey Gundlach, CEO of fixed income manager Doubleline.
?It?s all artificial stimulation. The market wouldn?t be here without quantitative easing,? said a NYSE floor trader.
?The reality is that the iPhone 5 is going to do more for the economy than QE3,? said Kevin Warsh, a former Federal Reserve governor.
?The old yardsticks don?t seem to be working anymore,? said Art Cashin, a strategist at UBS.
