The market is not priced for oil prices at record highs and rising interest rates and slowing earnings momentum and terrorist worries. People are pretty complacent out there. The assumption is that the economy is mending and that this will be a robust, self-sustaining recovery.

Jeffrey Saut

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Consumers are clearly being impacted by the three hurricanes, ... That, combined with natural gas and gasoline prices, is having an effect. I think $3 a gallon gasoline is the tipping point to a consumer that is under siege. But this number is really no great surprise.

— Jeffrey Saut

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Dedicated short sellers tend to be among the smarter investors on the Street,

— Jeffrey Saut

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If you think you can recklessly buy stocks you have to be assuming more than a V-shaped recovery in earnings -- you have to be assuming a hockey-stick shaped recovery.

— Jeffrey Saut

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Yet you can make good money in that environment. It just takes a different strategy; you try to hold a core bunch of stocks you think are in secular bull markets and trade at inflection points.

— Jeffrey Saut

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The cheerleaders talk about the economy growing, but the economy grew at 7 percent from 1966 to 1982, while stocks went nowhere because valuations were too optimistic. And they're optimistic now, by historic measurements.

— Jeffrey Saut