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Strategies & Market Trends : The Stock Market Bubble
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To: Dale Baker who wrote (3188)5/21/2000 12:04:00 PM
From: Tommaso   of 3339
 
Yes, that's why when I went into stocks, specifically closed-end funds selling at a discount, employing maximum margin, in the early 1980s, I didn't tell anyone. They would have thought I was out of my mind--borrowing at 20% margin interest rates to hold as much stock as possible. My net worth doubled in a couple of years.

I do not tell anyone, except on this thread where I appear under a pseudonym, that I am holding puts on high P/E stocks and hold a short position in XLK because I don't want my friends and colleagues whom I deal with regularly thinking that I am insane. I did try suggesting that the market was too high to some people, until I realized that I was making myself unpopular. Sometimes it's painful--as when I sit on a committee that oversees a scholarship fund that is entirely in stocks whose chairman decides to pay out only two percent in scholarships. He's hypnotized with the growth of the fund and forgets its purpose.

The stock market mania in Japan 12 years ago was very similar to ours today.
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