92 Quotes by Michael Carty

I like AutoZone because it's got a rate of return on equity, somewhere in the neighborhood of 40 percent, ... It's got a great franchise. As the auto stocks get older and retail sales for autos are off a little bit, it means that the stock will get older and you have to repair your cars. And they're getting into the diagnostic lines, which helped.

I love it. This is a market you've got to buy. You have a record amount of cash sitting on the sidelines wanting to go to work. A lot of the uncertainty facing the market even just six weeks ago has been resolved, such as worries about the cost of rebuilding Iraq and higher energy prices and corporate profits.

In general, the news continues to be mostly good, but people are now waiting to see what the next rotation will be in stocks, or what the next catalyst will be to move the market higher.

In most election years, stocks are up. But when you think about the kinds of policies that are going to be implemented, the market gets a little worried. So, I would say up until the election you will see some very interesting dynamics. If they feel that a demonstration is favorable, drug stocks will get in then and all of a sudden the drug stocks will start looking hot. If the economy seems to be moving along nicely the high-tech new economy-type stocks will continue to do well,

I kind of like consumer non-durables, (they are) all expected to earn 20 to 25 percent or better this fiscal year, ... They have good returns on equity, 15 percent plus. And I think they're priced appropriately within their price-to-earnings multiples.

Investors have a long memory -- in those cases where we've had major oil shocks, overall demand has dried up, ... People are looking towards and fearing a slow-growth, inflationary environment -- stagflation.

Investors are taking a 'wait and see' attitude. They want to see if the market has really bottomed after hitting the lows of the year earlier this week, and if the next leg of this is a rally. I tend to think it is.

Investor psychology is switching from fear to a little bit of greed. What you see is psychology working here today.

Investors still have a lot of rebuilding of confidence before they jump back in with both feet. They're (investors) not in a rush to get in -- they've already tried all the buying on dips they intended to do and they want to make sure this is the last dip.