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Strategies & Market Trends : Strictly: Drilling II
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To: TheBusDriver who wrote (16100)7/20/2002 11:43:58 AM
From: SOROS  Read Replies (1) of 36161
 
"Understand this. For the vast majority of investors, who convinced themselves that the "new economy" was the ONLY game in town, the act of buying Gold would be an admission that they were absolutely dead WRONG."

This is so true. Talk to your "long-term" investor friends. Even still, you can visibly see their nose go up when gold is mentioned as a possible investment. Portfolios rose so easy in the 1990's, that most still cannot comprehend that this is indeed a long-term bear market. Almost 100% of today's stock market participants have NEVER experienced a bear market. Why, most analysts have not experienced one either. Their confusion will become anguish as they keep telling people to never sell and keep doing the "bottom chant." The 1990's became a trader's market, and "long-term" came to mean about 3 months. Gold is still viewed like baseball cards by the typical person. Never mind that baseball cards did not exist thousands of years ago. I'm afraid this may be a perpetual slide to America's demise economically with so many forces at work to prevent a quick washout so things could be rebuilt. It seems so simple, yet most miss it. PE's need to return near 10 on the S&P. It's not over till it's over.

I remain,

SOROS
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