Raymond James - Investment Strategy by Jeffrey Saut

Raymond James - Investment Strategy by Jeffrey Saut: "“’My solution to the current market,’ the Great Winfield said. ‘Kids. This is a kids’ market. This is Billy the Kid, Johnny the Kid, and Sheldon the Kid.’
‘Aren’t they cute?’ the Great Winfield asked. ‘Aren’t they fuzzy? Look at them, like teddy bears. It’s their market. I have taken them on for the duration.’
‘I give them a little stake, they find the stocks, and we split the profits,’ he said. ‘Billy the Kid here started with five thousand dollars and has run it up over half a million in the last six months.’ ‘Wow!’ I said. I asked Billy the Kid how he did it.
‘Computer leasing stocks, sir!’ he said, like a cadet being quizzed by an upper classman. ‘The need for computers is practically infinite,’ said Billy the Kid. ‘Leasing has proved the only way to sell them, and computer companies themselves do not have the capital. Therefore, earnings will be up a hundred percent this year, will double next year, and will double again the year after. The surface has barely been scratched. The rise has scarcely begun.’
‘Look at the skepticism on the face of this dirty old man,’ said the Great Winfield, pointing at me. ‘Look at him, framing questions about depreciation, about how fast these computers are written off. I know what he’s going to ask. He’s going to ask what makes a finance company worth fifty times earnings. Right?’ ‘Right,’ I admitted."

Consumer credit down by most since April 1992 - MarketWatch

Consumer credit down by most since April 1992 - MarketWatch: "WASHINGTON (MarketWatch) -- U.S. consumer credit outstanding fell by the biggest amount since April 1992 in September as households took out fewer loans for items like automobiles and boats, the Federal Reserve said Tuesday.
Total consumer credit fell by $1.20 billion in September, or by a seasonally adjusted annual rate of 0.61%, to $2.366 trillion, the Fed said.
In April 1992, outstanding consumer credit fell by $1.78 billion, according to the Fed.
The decline was unexpected. Wall Street economists surveyed by MarketWatch were expecting consumer credit to grow by $5.4 billion in September. See Economic Calendar.
Most of the decline was in so-called nonrevolving credit, like loans for cars and boats. Nonrevolving credit fell by $4.05 billion, or by a seasonally adjusted annual rate of 3.21%, to $1.50 billion. "