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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: bill meehan who wrote (53782)7/30/1999 6:52:00 AM
From: accountclosed  Read Replies (4) of 86076
 
Bill's appearance on CNN recap for all you late risers :)

Bill just walked on to the set and they went to break. Deborah Marchini announced him with a thumbnail saying approximately "Don't buy any more stock...that's what my next guest says in a nutshell."

<<advertisement break>>

"Get out of the way he might see a bear market before the year is up" -- Deborah.

Many people are over exposed to an equity market that is very dangerous...dollar doesn't bode well. Earnings were good in 1987...valuations are extreme...optimism extreme in the equity markets and the dollar...the turn in dollar may be significant.

Parallels to 1987...bond market similar...foreign investors might pull back...and their participation has been very important both stocks and bonds.

Improved prospects around the world. Now US may not be the only place to put money with improvements in global economies.

Given the optimism, sentiment, valuation. Risk to have a major pullback. Market is priced for perfection and we are not seeing perfection. 30 to 50% bear market. Risk in s&p to 770. A distinct possibility. A lot of confidence that we are more sophisticated to be able to manage such a debacle. But in fact there is a lot of leverage out there.

Deborah: "A very cautious Bill Meehan"

Bill: Thanks, Deb.

======
Whoa, Bill. Very hard hitting, well spoken. Very sobering appearance. They really let you speak for a good long time. Deborah didn't get in your way at all. You were very well prepared, very well spoken. Excellent Job!!
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