a snipet from a stockhouse interview in 2000,,,
> StockHouse: If you were going to give this poor
> little investor a basket, let's say he had $100
> thousand.
>
> Don Wolanchuk: That's not a poor little investor. A
> poor little investor is a kid going to college, who
> hasn't bought a stock in his life, and his parents
> are still supporting him. Basically, poor little
> investors buy options, hoping to make the big time
> so they become big investors in a hurry. That is why
> they still remain poor little investors except once
> in a while they hit a home run and are home free. If
> everyone was a genius and not a poor little
> investor, the stock market would suck. So, we need
> people who are on the wrong side of the market to
> remain poor little investors. The reason they are
> poor little investors is they don't trust the stock
> market. When they finally fall in love with it, in
> fact, love won't be a strong enough word, lust,
> those poor little investors will stay poor because
> I'll be selling my stocks to them.
>
> StockHouse: Last time we talked, you thought there
> might be a recession in 2002.
>
> Don Wolanchuk: No, I said there'd be a stock market
> cycle low due in 2002, and like all 4-year cycles,
> they're kind of ugly events for those who don't
> anticipate them. For those who anticipate them,
> they're glorious opportunities. The headache here,
> of course, is, you know, I'm Christopher Columbus.
> I'm sailing the lead ship of the three little boats,
> and I'm looking for the promised land, the epicenter
> of primary wave 3. Christopher Columbus almost lost
> his head to mutinous people on his boat a number of
> times, because they were getting sick and tired of
> eating nothing, and watching the horizon and not
> seeing anything. In the meantime, they were still
> traveling in the right direction. This is the way I
> feel about it. Even Christopher Columbus wasn't
> absolutely sure he knew what he was talking about,
> but nevertheless, he was confident enough to put his
> head on the block. Unless you bet on it, unless
> you're in, you just can't win. If everybody was
> betting on the same thing, the market would be in
> terrible trouble. But there's a world of bears out
> there, and we need them, we love them, and we can't
> live without them. Bears like to huddle together,
> because misery loves company. You know who I'm
> talking about. All these bears who have painted
> themselves into a corner. The only thing that will
> extricate them from their misery is a melt-up in the
> stock market, or they'll be put out of business.
> Until we see that whole crowd turn into lunatic
> bulls like yours truly, I don't think this market's
> in much trouble overall.
>
> StockHouse: So what we're seeing right now is just a
> little hiccup?
>
> Don Wolanchuk: If you inhaled all your life, you'd
> die, so you have to exhale and inhale to stay alive |
