Phil Dow Companies Quotations

One surprise in 2005 will be that business capital spending will be back in a big way especially as cash is at record levels on balance sheets and as companies ensure that they stay competitive.

We're at the tenderloin of the earnings season and you are going to see powerful earnings reports from a lot of companies this week, and I think while we have got economic reports, earnings are going to be the focal point of the market right now, ... I think one feature that we've not talked a lot about is just the sentiment on the part of professional money managers. They have had to be kind of tentative the past two or three months with the Fed hiking. My guess is the one move they can't miss is a big up move here, and I think you could have a train-leaving-the-station kind of rally as institutions come into this marketplace.

These software warnings have got people thinking that companies aren't spending their wads of cash. There may have been some unrealistic expectations, so I'm waiting to see how the rest of the tech sector does.

You're going to see a lot of companies voluntarily take the smoke and mirrors out of their business, ... We shouldn't expect to see an immediate recovery, but eventually people will regain confidence.

They have the best of breed kinds of companies in two really good industries. They have a natural gas pipeline company. In addition, a fiber optic network which will be 33,000 miles. Each have the wind at their back and we think the combined businesses conservatively are worth 60. Right now the stock trades for around 45. The company just announced a way to unlock that value with a spin-off of their Williams Communications Group. So we think it's just a matter of time before that stock reaches 60.