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Strategies & Market Trends : Waiting for the big Kahuna
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To: Les H who wrote (41849)7/17/1999 5:12:00 PM
From: Skeet Shipman  Read Replies (1) of 94695
 
Les,
An important question, one worth more thought. A good article.
As AG alluded to in his speech. The critical question is:
Are we in an unstable bubble?
Skeet
From Allen Greenspan's recent speech:

" The 1990s have witnessed one of the great bull stock markets in American history. Whether that means an unstable bubble has developed in its wake is difficult to assess. A large number of analysts have judged the level of equity prices to be excessive, even taking into account the rise in "fair value" resulting from the acceleration of productivity and the associated long-term corporate earnings outlook.

But bubbles generally are perceptible only after the fact. To spot a bubble in advance requires a judgment that hundreds of thousands of informed investors have it all wrong.
Betting against markets is usually precarious at best. "

(Do you agree with everything he said here?)
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