This just confirms my view that Murphy ain't the world's
brightest analyst, although I agree with him on some stocks.
Citicorp may or may not be overpriced, but dumping on Greenspan
for cutting interest rates because retirees savings compound at
a lower rate, accusing him of "starving them" is idiocy.
Inflation is low, *real* interest rates (interest rate minus
inflation rate) are not especially low now compared to a few
years ago. Does he think that higher interest rates and a recession
would be good for fixed income retirees, and does he think that
the higher budget deficits that would exist in this situation would
help ease political pressure to cut social security?
Lots of people think they know
how to do Mr. Greenspan's job better than he does. A few may,
but I'm pretty thankful most of them aren't, because if they
were, we'd be ******'d pretty quick!
From what I understand, Murphy's overall record on his picks isn't
too hot.
This is not to say Asian exposure won't hurt Citicorp, just that I
wouldn't trust Murphy's analysis.
HB |
