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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Pancho Villa who wrote (8229)12/12/1997 2:06:00 PM
From: IKM  Read Replies (2) of 9285
 
Pancho, I think we both went short AOL and YHOO about the same time. I am patient even with a panicked wife. She panics a lot but still manages to spend my earnings. I take a lot of grief because I can't perfectly pick tops and bottoms (usually far too early), and later bite my lip with the urge to say I told you so. I've been there before and this is nothing other than a great opportunity. She gave me hell for selling long QCOM at 57-60, now it's pushing down to 51. What I'm saying is that your perceptions of value are correct (i.e., similar to mine). Hang in there.

My portfolio professor used to natter on about how efficient the market is. Sure. Now all the authority figures have been telling us not to panic, the Asian contagion will only have a minor effect in the U.S. What do you think these losses in the NASDAQ and their impact on high-flying mutual funds will do to the passive investors who have been ingesting all this pablum for the last several weeks?

An interesting exercise for myself has been to look at the ten-year charts for the indices, with monthly high-low lines. Note the volatility at the end of this bull run. Do you see anything of similar magnitude and duration prior to now? That is another reason I'm a growling bear with lots of cash and a couple short positions. I just can't call daily turns worth s___!
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