Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (203690)	11/9/2002 12:40:39 PM
From: Haim R. Branisteanu	Read Replies (2) of 436258

just wondering ....... and to elaborate on my post is the fact that not much has changed since the mania ended as far as valuations are concerned. My point being that the concept of safety is far from being a common thought in financial markets greed still fuels anything that moves and the direction is unrelated to fundamentals in all of today's financial markets. As to be more specific to what I wrote most market participants are still locked into the concept of relative returns and not risk aversion or value. Best game of last two weeks was the GBP and the EUR, even that EZ is doing miserably still the EUR rallied like 4.5% since mid October at 0.97 to 1.0140/50 now. With an 1 to 20 or more leverage in currency markets for the average J6P, that is a HUGE move. As returns on bonds diminished they started piling up on stocks and beat the drum of low interest rates and imminent recovery. We may recover at a very slow pace but regardless of that the stock market already is predicting smooth sailing trough 2004, an election year. All that stays between now and then is an huge mountain of debt which may or may not have an avalanche.

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