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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Dr. Anthony Keyodo who wrote (11083)1/23/2000 11:34:00 AM
From: Lars  Read Replies (2) of 15132
 
** Market Summary II **

Another week, interesting that the Dow is down 471 points or -4% and the NAZ is up 4%. The euphoria continues. The next few weeks will be very interesting. One wonders how these "new era" investors will react if Greenspan raises rates more than 25 basis points in February.

Perhaps the most interesting conversation I had this week was with a gentleman at work. I had never discussed investing with him until this time.

He has 2 years experience in the market and is an "expert". Why? Because he owned AOL and DELL for those two years. He has since put his money into the "flyers" as he calls them. I guess this means the internet stocks (YHOO et al). I congratulated him on his choices, AOL and DELL. I am shocked at his response when I mentioned the NAZ might correct 20% or more in the near future.

I am amazed at his response. "The NAZ correct 20%? No. It already pulled back to under 4000. The NAZ won't correct. People are wrong. The internet is driving this economy and market. I would not want to own anything but the flyers in this market." This is a direct quote.

Ironically, this is coming from a person who I would describe as a conservative accountant.

Don't get me wrong. I think there is a helluva lot of wealth to accumulate over the next 5 to 7 years but at some point there has to be a correction, and yes, maybe even a bear market for 6 to 12 months.
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