"Capitulation Conversation"...hilarious, but true no doubt...
> > Harry Schiller
> > Capitulation Conversation
> > 6/26/02 01:10 PM ET
> >
> > Here's the problem as I see it.
> >
> > (Mike calls Joe)
> > Mike: Hey, Joe, what's happening?
> >
> > Joe: Gee, Mike, I'm watching this crappy market, and
> > I'm wondering if you've thought about selling any
> > stocks?
> >
> > Mike: Yeah, I've been thinking about selling, but I
> > was hoping I would hear from you that you had
> > "capitulated"... Have you?
> >
> > Joe: I've been thinking about capitulating but I was
> > just talking to Ned about this, and I was surprised to
> > find that he isn't quite ready to capitulate.... Are
> > you considering a little capitulation?
> >
> > Mike: I'm going to be giving this capitulation
> > business some serious thought, but I'm not prepared to
> > capitulate until I know that Ned capitulates and, for
> > that matter, that my brother-in-law Dex
> > capitulates-he's been asking me about this stuff, too.
> >
> > Joe: So what you're telling me is, you haven't
> > capitulated and you don't know anybody who's
> > capitulated!
> >
> > Mike: That's about it. I'm hoping that soon I hear or
> > see a little of this capitulation and then if I do,
> > maybe I'll think about it.[But I'll probably just buy
> > the market because I'll know that after the
> > capitulation, the bottom is in.]
> >
> > Therein lies the problem. Everybody's a technician,
> > everybody's doing their own little sentiment surveys,
> > and everybody knows that in order to make a bottom,
> > everybody's got to "capitulate" first. And after all
> > the hand-wringing and subsequent selling at the
> > September lows, nobody wants to be the last guy out,
> > selling at the bottom. What we need here are a few
> > less experts and a few more people who simply know
> > that when things suck, it's just time to get out. |
