Swisstrader,
I find it strange that people (like yourself) feel the need to take shots at Fleckenstein. Whether you're long or short the market, you have to admit there is a lot of logic to his market calls. The only people who despise him are the people who have been in the market less than 5 years and still believe that CSCO, DELL, AMZN etc. are "1-decision" stocks. People who weren't around in the 1970s and 1987 and '89, who think the Dow going from 11k to 10.5k constitutes the end of a bear market.
The best traders want to hear both the pros and cons on the stocks they own. If you are long something and don't know the bear story on it, you are asking to get clubbed. Let's face it, the "rising tide that has lifted all ships" in the last 10 years has made a lot of common folk feel that they are inherently market geniuses.
Unfortunately, the average CNBC viewer is blaming his/her negative returns this year on Alan Greenspan...never once asking themselves "what the hell was I thinking buying stocks trading at 200x forward earnings?"
Like him or hate him, you have to admit that the average investor could learn a lot by listening to Fleckenstein's commentaries and analyses. Unfortunately (for them), the average investor only wants to hear about the Pep Rallies, not that their investments have significant downside. This "buy every dip and who cares about fundamentals and value" mantra will be the recipe for disaster for a lot of individuals, mark my words. It's a pretty sad commentary on the average investor when CNBC gets a ton of nasty emails anytime they air someone who speaks with a bearish tone.
In addition, with the NAZ at it's lows for the year, us "Fleck Flakes" are doing pretty well this year. Makes you wonder who the real flakes are. |
