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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread
VTI 330.06+0.2%Nov 7 4:00 PM EST
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To: MrGreenJeans who wrote (1062)4/21/2001 3:16:12 PM
From: marc ultra  Read Replies (1) of 10065
 
MrGreenJeans re<<<Lots of talk about tulips in your post. Here is another perspective. A case can be made that the equity markets are deserving of trading at higher levels in here because of high productivity growth, low inflation, federal reserve rate cuts-a reliquidfication of the economy at a a very rapid rate, and a brighter earnings outlook in the quarters ahead all causing price earnings expansion thus higher equity prices.>>>>

I don't think you are claiming the bizarre manic gains in the NASDAQ in early 2000 into March 10 on top of the 80% gain in 1999 was an appropriate response to fundamentals do you? A lot of tech stocks I had with huge gains that I sold in Jan 2000 on Bob's call went on to double, triple, and quadruple into March 10th before collapsing. Biotech cats and dogs went parabolic into March before collapsing on what was alleged to be the Clinton/Blair statement on patenting genes which had little real meaning. To say any of these events including Microsoft's broke the NASDAQ is like saying a ponzi scheme collapsed only because the last prospective investor decided not to buy in. Or perhaps we could say the cause of an accident was that the car was speeding without mentioning the driver was deaf, dumb, blind, seizing and in diabetic shock.

The Fed's recent surprise cut along with its comments, ensure us a cyclical bull in the not too far distant future IMO even if we find in hindsight are working through a mild recession.

Marc
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