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Strategies & Market Trends : The Millennium Crash

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To: yard_man who wrote (4927)	2/8/2000 8:14:00 PM
From: Dan Hamilton	Read Replies (1) of 5676

I know this is better posted on the Tulipmania thread but I want to do my small part to keep this thread alive. <G> Three random notes from the front lines of the mania... A good friend of mine who works in a bank said that a huge proportion of their customers in the past few months have converted their retirement accounts to self-directed plans so they can play the stock market. These are people that normally buy GICs (CDs in the U.S.) and whatever plain vanilla mutual funds the bank offers. They have NO experience in the stock market beyond mutual funds. Within the last two months, three separate acquaintances of mine have become full time day traders. One was an environmental consultant, one in marketing and one in sales. I realize there are a lot of day traders on SI but this is turning into a wave out there in the general populace. A manager I was talking to in a company I do some consulting work for was complaining that productivity is falling because it seems like half their 500 employees are playing the stock market from their computers at work. The penny stocks are on fire... How much longer can the Ponzi scheme last??

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