sorry ,what i just edited out was uncalled for.
I didn't see it, so no offense taken. OTOH, you do have some hot-headed tendencies. ;-)
As for optimism about the market, I really have no idea. Investors are a fickle, emotional lot. But every day that passes makes this market look more and more like Winter 2000 in reverse. The mantra then was buy the dip - now it's sell the rally. Then, good news was good and bad news was good - stocks went up on any news. Now, just the opposite. The business media then was giddy with every new high and optimism knew no bounds. Now, every headline is a sensationalized attention grabber, exaggerating anything negative or cautionary in the actual news story and frequently not even remotely resembling the real message. Then, self-proclaimed gurus like Cramer scoffed at any notion that markets or individual high flyers were ridiculously overvalued, and well-known bears like William Fleckenstein were openly ridiculed, sometimes to their faces, on air. Now, the mere suggestion that the world is not coming to an end and that, just maybe, buying a leading communications company at 4 times free cash flow is a reasonable bet is exaggerated to "you bulls think tech stocks are going to return to their highs of 2-3 years ago" so that the real message can be easily dismissed. The "there's no telling where the real bottom might be" bears are just playing the flip side of the same broken record the bulls played 2 1/2 years ago. And it's many of the same people singing along.
Bob |
