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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (87726)12/31/2000 9:33:29 AM
From: Tommaso  Read Replies (1) of 132070
 
Perhaps someone should remind Abelson that had they gone short every time he implied that short was best, they would have been totally broke by last March. Happily for me, I was (at one point, barely) able to maintain my short position on XLK, though I would have made much more money had I never put it in until last March.

I remember John Templeton saying of 1987, "It may be that we have just seen the shortest bear market in history." Unfortunately for me, I kept waiting for it go lower. I got spoiled by P/Es in the 3-7 range in the early 1980s and 9-11 looked awfully high to me.

I sometimes seem to pay attention to Templeton at the wrong moments. Actually one of my first successful investments, though, was on his advice. My mother's best friend was his sister-in-law and he told her to buy Alcan. So I took all my savings and bought 100 shares of Alcan, and by the time it qualified for capital gains it had doubled. I paid Merrill Lynch what now seem outrageous commissions on both ends of the trade.
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