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Richard's Remarks

 

All day and much of the night the retail investors (the public) listen intently on TV and radio to comforting news about corporate earnings and the good times to come. I don't make fun of these amateurish comments, because I know that in most cases the talking heads mean well and they believe what they are saying. Furthermore, the economy and most stocks are now operating on a quarterly basis. In the old days, Wall Street operated on a semi-annual or annual basis. Thus, today's commentators always have something to talk about -- Apple's latest quarterly profits or whether IBM will be buying more of its own stock in the coming quarter.

 

The old concept which states that the function of the stock market is to discount the future is lost in a barrage of hype about quarterly earnings and what the Fed may be doing next quarter.

 

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