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Pastimes : G&K Investing for Curmudgeons
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To: Lynn Goodman who wrote (2336)5/26/2000 12:13:00 PM
From: Mike Buckley  Read Replies (2) of 22706
 
I wonder why they don't feel as comfortable as I do?

Lynn,

The first answer might be that they are inexperienced. It's understandable that seeing a major index crash -- and that word, "crash," is not an overstatement -- 40% in a month or so will be unnerving to the inexperienced or the people who haven't closely reviewed historical data.

I think the second answer is that the people who are truly emotionally distressed weren't any more objective about their assessment when prices were going up than they are now when prices are going down. I remember quipping in an e-mail to a few friends that a stock I had owned (no longer the case) had gone up 25% one morning on absolutely no news that week and that I wanted to know why the company was worth 25% more at noon than at 9:30am that day. The point is that I questioned the rise when most of the people you're referring to only celebrated it. And if that isn't being curmudgeonly enough for this thread, tough! (Hmmm, that last comment is certainly curmudgeonly enough.)

I hope I'm as empathetic and patient as anyone will ever be, but one reason I've joined this thread is because I really am getting a little tired of people wanting to get rich quickly who still refuse to put the Nazdaq into historical perspective when it increased 130% in 15 months.

--Mike Buckley
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