Patroller, Do you feel the time warp?
Don't know about you, but it almost feels to me
like the intervening 8 years of the Clinton
administration never even happened. Bush Sr was
fighting to keep the nation out of a recession
and we were/had been fighting in the Gulf...which
is where we are headed once again...just some
weird thoughts.
Anyway - as you know (hopefully), I tend to take devil's
advocate positions, at least on the internet anyway.
If there are possible problems out there, lets talk
about them. It's my way of exorcising the "demons",
and assessing possible risk before undertaking
action one way or another. The corollary, is I don't
tend to post much when things are going well, because
well.....things are going well and there's a life
to live, a life which seems all the more precious to
each of us given the traumatic and tragic events
that happened last week in New York. The upside tends
to take care of itself, and that is the essence
generally of a buy-and-hold approach...which incidentally,
I find myself doing very little of lately. If profits
present themselves, I take them. If stop loss limits
get hit, I get out.
Despite the stomach churning drop in both the Dow and
the Nasdaq, I bought yet more stock today. My belief
is the Federal Reserve and the Bush Administration
want to make both an economic And a politcal statement
focusing here in the stock market itself that terrorism
might shake the markets, but we are bigger and
stronger than that, and we will come back. Obviously
over the long run, the economy and corporate profits
will underpin how well the stock market performs.
But for now, I'm betting with Greenspan, O'Neill,
etc. that they will engineer a market comeback over
the near term...I think those are the two bets right
now - the other being do you bet on the side of a
rapidly deteriorating economy. The economy wins in
the long run. In the short run we are extremely
oversold, the world is being flooded with money,
and I continue to buy.
Regards and Good Luck, Peter. |
