VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Boplicity who wrote (26798)	12/21/2000 5:10:42 PM
From: Ex-INTCfan	Read Replies (1) of 65232

Greg, there were two clear warning signs that the tech bull market was coming to an end. These were: 1. My 78 year old father started buying technology stocks. 2. A very good friend of mine who had no previous interest in finance of any kind started buying tech stocks (real high fliers, too) and watching CNBC in the morning before she went to work. The runup also was a clue, but it was so hard not to follow it up during the "groundhog's day" days of late 99 and early double-ought. Just as the shorts are rewarded almost every day currently, the longs were back then. Even though we knew the prices were obscene, we played the game because it worked, and we invented reasons for why it worked. Things like "PEs don't matter anymore" were being said everywhere, including this thread. (That should have been a warning sign right there!) My father is cured of tech stocks now -- NOVL stopped him. You had a 1200 baud modem in the 80s? I dreamed of a 1200 baud modem while I was using 300 baud to hook up to the mainframe at my graduate school. I could read faster than the print came up on the screen. INTCfan

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