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Strategies & Market Trends : Buffettology

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To: Michael Burry who wrote (2194)	2/24/2000 9:24:00 PM
From: jhg_in_kc	Read Replies (2) of 4691

Michael, I do not take pleasure in other people's misfortune, (schadenfreude) (sp?) and I want to apologize to the thread and to Twister for my excessive although not irrational, as it turned out, exuberance in re RAMBUS. I will not mention RMBS again here, unless asked. Indeed, one of the things that worries me much is the battering of all good non-tech stocks. I have never seen anything like this. I believe in the New Era scenario but there is no reason for good non-tech stocks to take such a hammering. The extreme disconnect which exists now between non-tech and high-tech averages is something no one has ever seen before in my lifetime. What are the implications of this for those who hold tech issues and those who don't. If this trend continues, more and more money leaves Buffett-like stocks and goes into already fully valued tech stocks until you have, tulipmania in techs and a bear market crash in non-techs. That is the logical endgame. I am at a loss to explain this on the basis of interest rate sensitivity alone. Something else is afoot. and it is too glib just to say New Era, but it is a new phenomenon, however. all the best jhg

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