Back in 1982 the Internet was not even dreamed of, and it was very hard to find anyone who believed that the stock market would ever go up again. At that time, in order to avoid ridicule, I revealed to very few people that I was invested in common stocks. I revealed to no one, not even my wife, that I was using margin debt, which cost 22% interest then, to hold an assortment of discounted closed-end funds. There was a time when I knew almost as much as Herzfeld did about these things.
Right now, if it were not for the Internet and specifically for SI, I would find it very hard to locate anyone who considered the market overpriced, or who was willing to discuss the possibility that it was.
At first I thought that these Ibexx posts were coming from someone who was making fun of the Abby Cohen outlook, but if they are completely serious, I think we should welcome them, just as in 1982 I welcomed the remark of a colleague of mine that he was finally taking his money out of a mutual fund "because it will never go anywhere." |
