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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (28306)	9/28/2007 11:25:33 PM
From: Bill Wexler	of 78702

Well - my "big call" was made after a lot of consideration. It boils down to my opinion that the macroeconomic climate has made just about everything too expensive. That doesn't mean I think it's the end of the world...but I do think that risk premium has shot through the roof. The gentleman I spoke to runs 10 figures of money, and we generally agree about large themes (though we may disagree about certain stocks). This is the first time he is on a complete opposite pole. He thinks that I'm not being contrarian here and it's the crowd that is panic selling. I respect his opinion so much, that I will now have to go back and triple check all my assumptions. Now, if I'm wrong, I have absolutely no problem changing my position on a dime. The reason I am wealthy has little to do with picking good stocks, it has more to do with avoiding losses. In the meantime, I'm collecting interest on cash and my gold is still perky. Can't complain.

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