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Technology Stocks : Intel Corporation (INTC)
INTC 43.48+8.6%Dec 2 3:59 PM EST
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To: Mary Cluney who wrote (124126)1/4/2001 8:30:40 AM
From: Joseph Pareti  Read Replies (1) of 186894
 
>Our economy is fundamentally strong.

exactly, and yet the irrational exuberance syndrome can put it in jeopardy. the dot coms experience has demonstrated 2 things : (i) what you just said, on the plus side, and (ii) how gullable the public is: i mentioned many times wall street being turned into a Ponzi scheme under the patronage of influential manipulators.

The US economy is fundamentally strong also because those who create value in it (i.e. those who do a different job than SSB, ML, and Meeker) have gone through hardship and know how to handle it, fully aware there is no parachute on their back. In contrast, Euroland, as long as it remains dominated by the "deutsche gewerkshaften" is doomed, and I wouldn't give a s***t about the euro rise, knowing fully well it's the classic dead cat bounce.

And yet being fundamentally strong does not imply invulnerable. I would guess the lesson to learn from the bear market is that one should distance himself from those who sell smoke, even if they are "worth" $15M p.a.
One should learn that spending in excess of your "cash generated by operations" (for an employee this is their salary) is generally a bad thing to do regardless of the culture where one lives. One should learn to spend less time watching the charts (this is true for myself as well) and more time doing real work and real development.
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