"Mother of all Bears"--
I would think so. Seven years of up markets, three years plus 20%, yields on average about 1.5%, P/Es at 24%, book values at 5, total stock market equity above GNP, huge IPOs, large numbers of inexperienced investors, euphoria over the end of the cold war and success of the Gulf War, cheap oil, low unemployment, huge credit balances, increasing and huge personal bankruptcies, prospect of deflation in goods prices, Greenspan dubious, Templeton and Buffet bailing out, barbers giving advice about investing . . . Did I forget something? |
