Phil Dow Year Quotations

My sense is that January is going to be critical this year and I think you can see a good beginning to the month. I think you can see a positive January and my guess is that's how you're going to see money invested -- early and strongly.

Next year people will still be cautious. At the same time I anticipate corporate earnings and economic growth will come in better than expected,

The overwhelming trend will be more to position portfolios for the next year and my guess is that you'll see some of the stocks that have done well do better,

I think a productive economy is the main thing people should take home with them. This is a unique period in American history. I think we'll look back on it as a time you wanted to own stocks rather than trade stocks. I think, secondarily, corporate America is showing good earnings reports. The second half of this year may be lower than the second half of last year, but they're still robust, probably in the high teens. I think if you focus on financial guide posts, that eventually will drive prices. I think you'll see the market in general do better as the year wears on.

This year I was a little surprised (at) how negatively people viewed the economy and that's translated into a very cautious trading community on Wall Street, ... I think we did pretty well. We had a 4.4 percent growth in GDP. That's better than in recent history and better than some of our trading partners.

If you look at our portfolio that we run here with a three-year track record, basically it's equal to the S&P the last three years. This year we're down about 1.8, 1.9 percent versus an S&P that's significantly more than that down.