My dear Raymond,
I detect a hint of chronological snobbery in your post. I guess bad things can't happen today, we're too smart.
My view is that all during our lifetimes the U. S. stock market has gone up, given enough time. Most people are long, therefore most people have made money in stocks. This causes non-rockaboatitis, or as Ed would say, sweep, sweep, sweep.
Lucent or Enron cooking the books? Sweep, sweep. Take pets.com public and declare bankruptcy in the same year? sweep, sweep. Pump and dump? sweep some more.
I play the game too, but I have no illusions about anything in the markets. In fact, I was short Newmont Mining on that Monday when the plane went down in New York, which caused gold to shoot up early, and I covered for a loss. (No disrespect to the victims intended).
I guess duplicity on Wall Street is OK so long as we are all coming out ahead -gg- Besides, it makes for an exciting financial system.
WJH |
