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Politics : High Tolerance Plasticity
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To: Think4Yourself who wrote (8319)9/20/2001 6:54:15 PM
From: Tommaso  Read Replies (3) of 23153
 
JQP

One of the larger mistakes I have made recently was paying any attention to that VIX thing.

That's not to say that it won't suddenly prove its value. But I wish I had never heard of it, at least right now.

I sold my LEAP puts on the Dow looking for a rebound to rebuy. Now I think it is just as likely that truly massive liquidation will set in.

I do think that anyone who goes looking for bottoms and buying "bargains" now --well, I won't predict perdition, but when the true BEAR takes over, people lose tons of money thinking they are getting in at the absolute bottom. And what we have seen in the last ten years is a bull market and bubble beyond anything ever seen (in terms of people involved and total money involved).

I don't know what will happen tomorrow, or next week, or next month, or beyond. But I do know that most stocks are priced beyond any reasonable expectation of return, and to buy them is to gamble.

Still holding BEARX, though I wish I had bought a lot of Profund Ultrashort OTC, naturally!
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