As a permabull, I must confess that I expected a huge rally today instead of a selloff. As it turned out, I continued my string of inaccurate short term calls.
I have 2 things to say about Y2K:
1. It was remarkably consistent; it never ceased to disappoint.
2. I'm delighted it's finally over!
On a macro level, I think we have 2 things to look forward to in 2001 (the first year of the New Millenium):
1. We should have a series of interest rate reductions, so the bulls won't be fighting the Fed all year.
2. Expectations have been lowered to the point where we can look forward to a series of positive earnings surprises.
But even if those predictions prove wrong, which one might think likely based on my Y2K record as an oracle, I console myself with the following:
1. I am a long term investor, so I will not measure my progress by the results of a short term period, be that a day, week, month, or year.
2. I have the same number of shares in Great Companies that I did at the start of the year, and those enterprises continue to flourish.
I wish all of my fellow Gorilla hunters a safe, happy, and prosperous New Years.
uf |
