I just think that there are many a "grizzled veteran" of 1972-1983 who are currently populating the management teams of Wall Street's biggest money-making broker/fund machines. And I honestly don't feel I have anything to learn from them. I've studied the crashes and crunched the inflation-adjusted numbers, and I can imagine how scary it would feel to be in a market that cut Disney not from 40 to 30 but 40 to 4. Don't have to be there. I get sick to my stomach thinking about it, and worry about it daily.
If "Paul's side" is that grizzled veterans mean anything, then I stand firmly on the other side. You can read through Forbes or Fortune or Worth and find any number of grizzled veterans with lucrative money management businesses writing absolutely moronic crap. I'm reminded of the time I interviewed a grizzled Mr. Dalman, head of US equities at Salomon Bros and PM of their balanced funds. Valuation to him evidently means low PE, big dividend, duh, looks good. Ken Fisher evidently now thinks reseaching a stock means looking up its profile in Yahoo, and Lynch should feel lucky he gave up managing big money a long time ago. Lazlo Birinyi Jr writes the equivalent of the old Parade Dave Barry columns IMO. I mean, very funny. Meanwhile, where was David Tice in 1972-74, and what does he have to offer us today?
Mike |
