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TD, 1. As Al Capone once said, "A friendly smile and a gun can accomplish much more than a friendly smile alone." -g- 2. a. The market never believes it when manias start to fall apart. When tulips fell from $10,000 to $8,500, bulls came in and pushed it back up to $9,500 again. When silver fell from $54 to the $30s, I knew lots of people who bought it by the ton. Ask them if they want any today at $5? b. The market is almost always wrong. Otherwise, it would only move in minimal fashion up or down. Never seen that happen. O.K., in 1977 it was sort of like watching paint dry, but most of the time the market is either euphoric are destitute. 3. Trading sardine is that old joke about the trader going to the Fulton Fish market and seeing people trading sardines. He buys a booth and inventory and starts trading. He trades all day and makes several thousand dollars. But he is hungry and opens a tin. He spits them out. "These things are rancid." And his fellow fish traders tell him, "Those ain't eating sardines, stupid, they're trading sardines." Which is what I call tech stocks at these levels with these fundamentals. 4. My folks taught me that Dewar's get ahead in life. -g- "Hey, Mabel, another White Label." MB |
