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Pastimes : All Clowns Must Be Destroyed
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To: fut_trade who wrote (11173)2/19/2000 3:36:00 PM
From: pater tenebrarum  Read Replies (2) of 42523
 
Peter, yes, there were two instances this century where money began to be concentrated in only a handful of issues. one was the late 1920's, the other 1972/73. both periods preceded the two worst bear markets this century, so your wish that things stay right as they are may well be disappointed. no need to go into the details of what happened after the 1920's mania ended, but the nifty fifty of the early seventies suffered haircuts of between 70-90% in the subsequent bear market and it took between 12 -15 years for them to regain their '72 highs, in spite of their revenues and earnings expanding considerably during the bear phase.
as for the big caps holding up the S&P now, have you looked at their charts lately? many big cap favorites have now extremely sick looking price charts.
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