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Pastimes : Home on the range where the buffalo roam

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To: Boplicity who wrote (11155)	3/5/2001 1:52:31 PM
From: Walkingshadow	Read Replies (2) of 13572

Greg, This correction is the worst $COMPX correction in percentage terms in 30 years at least: vtoreport.com Previous worst correction in 1973 took over 2,000 days to exceed the previously established high. The thing that disturbs me, however, is a natural phenomena: in general, the more extreme the anomaly (in this case, bubble), the more extreme the correction back toward the mean---and overshoot---tends to be. Just ask the Japanese. That phenomena alone leads me to expect more downside eventually. There is no reason whatsoever that I can see to believe that this time will somehow be different. That's what far too many of us told ourselves all during the development of the bubble, which IMHO is a major reason that bubbles can go as far as they do---the pervasive delusion that this time it will be different. I'm not telling myself that anymore. WS

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