I just came back from a meeting, where the idea of "speculation" was being applied in a context quite remote from the financial markets.
In the question period, however, one fellow whom I know fairly well spoke up and pontificated on speculation: "If you want to reduce your risk, say, in dot-coms, you buy blue chips."
This was only one voice, but there seemed to be assent to this view. I think it may reflect a continuing confidence, born from the 20-year bull market, in equities as the equivalent of money and the brokerage account as a form of savings account.
I wonder if the disillusionment will take another two, five, or eight years. |
