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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (93714)4/13/2001 9:16:33 AM
From: Mike M2   of 436258
 
tippet, Ike summarized it well. The segment was much too brief. Fleckenstein said the public had behaved like speculators on the way up and that speculators are concerned with price action rather than fundamentals however now that some stocks have tanked the public is behaving like an investor and saying I'm in it for the long haul and it'll come back - well Priceline is not coming back. He said if one is going to speculate you must use discipline ( cut your losses) . Investors are concerned with valuations and he looks forward to the day when he can practice long term value investing. The preceding is from memory but should be fairly close. Mike
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