Thanks for that answer..
I really don't believe it is wrong to short in this environment, for the problems (valuation) really have nothing to do with the Sept.11th tragedy. We would have gone down, regardless. The problem are much deeper than the tragedy, and have been compounding over many years, and we have years to go before (excesses) are worked out..
Despite that, I still did not short the post-Sept. 11th episode , however, I do not feel it is patriotic to buy here either. The most patriotic (and healthy thing) would be to have a stock market that accurately reflects valuations...which I do not believe we have. We are overvalued.
Still, I respect anyone's opinion on this issue. Certainly, its a trying time for our country.
And, of course, big market movements (up and down) often occur regardless of valuation, and that's why we are all traders. I do buy into the "weighing machine" over long-term thing... |
