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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: John Vosilla who wrote (48298)12/28/2005 8:26:57 PM
From: Wyätt Gwyön  Read Replies (2) of 110194
 
shorting isn't investing; it is gambling. worse, it is gambling in a rigged game (rigged against the shorts). investing means going long, in productive assets. the idiots on wall st (and main st) are overly enamored of stupid sectors like technology, which have negative aggregate returns. this misallocation of overly cheap capital in fact worsens the forward returns for the overinvested sectors, even as it increases cost of capital, reduces capacity and hence improves forward returns for hated sectors such as energy. it takes many years to change the behavior of the lumpen investoriat. they will eventually catch on to energy, right about when energy is fairly valued (at triple today's valuations imo). then they will probably blow up the values even bigger in a momentum driven bubble, if history is any guide.
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