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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (40689)11/24/2000 3:15:40 PM
From: Oblomov  Read Replies (2) of 436258
 
wealth effect in action.

I'm not convinced of this. The "wealth effect" is driven primarily by real-estate values. Of course, a depressed stock market will eventually work its magic on real estate. However, J6P doing his Christmas shopping at Walmart has marginal participation (at best) in the equity markets.

But, I am bearish on many of the retailers for different reasons. Shipping costs have skyrocketed, and yet retailers do not have sufficient pricing power to pass costs along to consumers. The most sensitive retailers are the Walmarts, Targets, etc. that rely on supply chain management to stay price-competitive.
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