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Pastimes : Ask Mohan about the Market

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To: Cynic 2005 who wrote (14008)	2/11/1998 4:39:00 PM
From: Mike M2	Read Replies (2) of 18056

Mohan, with respect to the liquidity issue a significant factor creating the illusion of liquidity is the reduced preference for liquidity in the aggregate created by a record bull run. Yes as individuals we feel liquid in the stock market but any attempt to take a substantial sum of dollars out of the market and convert it to real liquid assets-cash or t-bills will hammer valuations like Oct 97 or Oct 87. As E.H.H. Simmons,president of NYSE in Jan 1930 with respect to the crash" For various reasons...we have had in the stk mkt an extraordinary willingness to buy and an equally extraordinary unwillingness to sell. It was the lack of equilibrium which really made the trouble." Mike

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