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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: sun-tzu who wrote (131731)10/29/2001 7:26:53 PM
From: patron_anejo_por_favor  Read Replies (3) of 436258
 
Highly recommended article in PruBear tonight by Edward Chancellor, author of the classic Devil Take the Hindmost. He pens a crash anniversary special Guest Analysis column on "A Short History of the Bear". Here's a taste:

prudentbear.com

In every instance, when bears are accused of bringing down a market, we find that it was the preceding bull market, with its accompanying misallocation of resources and unsustainable accumulation of debt, which was the root cause of the decline. Today is no different. Earlier this year, as market declined, there were isolated complaints of bear raids. After 11 September these complaints became assumed a more hysterical tone. It was alleged that terrorists had arranged to short airline and insurance stocks prior to the attack on the United States. I do not know whether this is true. However, I am doubtful. As we have seen, in the past foreigners have frequently been identified as leading a conspiracy of bear raiders. And besides, there were good fundamental reasons to short airlines and insurance companies even before their position deteriorated in September.

BTW, I read his book in March and April of last year...I got confused whether I was reading history, or current events!<G/NG>

amazon.com

IMO, one of the three greatest books of all-time on financial speculation and manias.
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