T, We haven't had a real bear market since 1987, and that was short lived. I look for a 1974-1975 style bear, which took the OTC stocks, there was no Nasdaq index in those days, down 80-90%.
But I was just reminiscing about this year and looking at some of the things I wrote on this thread. One was when I said that the best way to make money was to go to the list of 1999 IPOs in the tech area and buy puts on all of the names that had puts. That turned out to be absolutely the best thing in the world to do, but I didn't buy puts on that many names in the group and then I rolled down and sold out too soon. I did more bear spreads on the group and kicked buttocks in my income portfolios, but I should have had more.
But, hey, the great thing about this market highway is that a new bus is stopping every five minutes and I can hop on board if I can figure the direction. <g> Also, I did make good money and it is unrealistic to think I can make all the money that the brain dead bulls lost. Alan Abelson mentioned bears missing the opportunity of a lifetime, but my lifetime has seen scores of such opportunities, bullish and bearish. Usually he is broad minded, but he was being a bit parochial with thinking the world is the Nasdaq. Heck, the moves in palladium have been every bit as dramatic. And in the yen. And in oil. The Nasdaq is just one of the buses stopping asking us if we want a ride. |
