This economic recovery, both in the United States and globally, is staying stronger and more durable than what people thought. That means that profits are going to keep coming in better for longer, and that's pushing stock prices up.
We've got total labor compensation growing at 6 percent. . . . We've got record-setting highs in terms of household net worth, and it's still a record high if you exclude housing.
There are a lot of different things going on than there was ... People talk about a bubble in housing, but I think there is a lot more bubbleness in oil prices.
Business has tons and tons of capability to spend. The longer the recovery keeps going and stock prices go up, the more and more confident business is going to become, and the more it will spend on its operations.
This was not a year for macro-sector bets -- whoever bet on sectors, or indexes other than energy, got extremely frustrated. This was the year of individual stocks.
This was not a year for macro-sector bets  whoever bet on sectors, or indexes other than energy, got extremely frustrated. This was the year of individual stocks.
Without a 'depression panic,' short-term rates probably would have bottomed fairly close to where they are today. Essentially, the Fed has just now returned interest rates back to recession lows and can now 'begin' to tighten.
This was not a year for macro-sector bets whoever bet on sectors, or indexes other than energy, got extremely frustrated. This was the year of individual stocks.