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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: sylvester80 who wrote (96099)7/19/2002 10:08:20 AM
From: SOROS  Read Replies (1) of 99280
 
The way this market keep digesting bad news without really crashing seems to be only delaying the inevitable. If a guy has cancer in his pancreas, there is only one thing that is certain. It matters not how many times he responds positively to a drug or a treatment. In the end, he is dead. The odds are 98%. The profits of so many companies are nothing but fairy tales that the final result must be the same. Only when valuations are proven to be legitimate can the market begin to build from that point. That point is about twice too high even still. Eventually the people and the market will correct most of the imbalances, but the pain for many people who have a "buy and hold" mentality or "continue to average down" mind set will be substantial. We are only at "bothersome" on most of these people's radars. Next will come "a little concerned." Then will come "worrisome." Finally will come "fear." Then for some, "panic." Until that point is reached, the daily swings are just that -- daily swings.

I remain,

SOROS
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