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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Roebear who wrote (92049)7/8/2001 8:13:35 PM
From: Tommaso  Read Replies (2) of 95453
 
I read "Devil Take the Hindmost" a year or so ago and found it excellent.

But it's somewhat misleading to mention what happened to gold prices in the US in the middle of the Civil War. That was the single most desperate moment in the history of the Republic. You rightly do refer to the non-gold-backed greenbacks that were not really redeemed for many years after the war--and also, the war produced terrible shortages of all sorts of commodities.

Also, I like the analogy with RCA ("radio") of the 1920s better than the railroads of the 19th century.

But as far as I can tell, we are a long way from a readjustment of values from the manias of the past decade.

Greenspan is actually doing a pretty good job preventing a 1930s-style collapse, but I don't think anyone is going to make much money on most stocks for a good many years to come. I am still betting on energy, to some extent.

Anyway--thanks for intorducing the longer perspective.
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