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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Gary D who wrote (11396)	1/23/2000 8:37:00 PM
From: Kirk ©	Read Replies (3) of 15132

"Tremendous degree of complacency" out there. I don't know. I do not remember the market being so high and hearing so much bearish sentiment. I listened to one show today with Michael Murphy as a guest and he is sitting on 50% cash waiting for a tech correction (He has been both very wrong and very right with his market timing in the past). Of course, I think I heard him say last month that he was thinking of going to 100% cash between Dec 17th and Dec 31st as he was looking for a correction then. Perhaps he is already buying back? Last weekend I heard Jack Bogle on the radio say he thought valuations were very high and that we would have a correction sometime, but he would stick to a DCA strategy. I was in line at the grocery store and one of the magazines next to the National Enquire had a headline about the "Stock Market Crash to come in March" and "Why the government doesn't want you to know this"...Usually those magazines would have stories of ex-McBurger flippers in their new yachts bought with QCOM options if we were all giddy bulls. This is all very strange. Anecdotal, but it sure isn't the "everyone is getting rich" theme I would expect for a real top. K

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