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Politics : Ask Michael Burke

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To: BGR who wrote (69935)	11/2/1999 1:57:00 PM
From: Freedom Fighter	Read Replies (2) of 132070

BGR, I made no comment regarding the timing of any events. That is one difference between value guys and other investors. Value guys know they can't time these things and don't even try. It simply doesn't matter to us. I made only the claim that most value guys without vested interests think we are either in a bubble or that at least some valuations are crazy. "IF" (notice IF) they are correct, then at a minimum, future returns will be extremely disappointing for the vast majority. By definition everyone can't be smart enough or lucky enough to get out at the top. My point being that some of the worst case scenarios are at least a reasonable possibility from here. Again, "when" doesn't matter to the aggregate of investors. And in the mean time more and more money is coming in at highly suspect prices. So what I am trying to understand is why so many people are taking great pleasure in seeing potentially greater and more dangerous excesses form? It's a serious question, not a criticism. Wayne

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