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Strategies & Market Trends : Waiting for the big Kahuna
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To: yard_man who wrote (15107)3/17/1998 6:38:00 PM
From: Tommaso  Read Replies (2) of 94695
 
I seem to be getting Fosback free on the Internet. Not sure how I signed up but the next time I get a newsletter I will post the address it came from.

Stock Market Logic will take you back to rock-bottom fundamentals with regard to estimates of valuations of the stock market. The fact that it seems superannuated in 1998 makes it a better read than ever to me.

Back in 1980 I was reading things from 1913 and the 1920s, and they kept my faith in the stock market at a time when most people had given up on it and it looked as if the Dow would never get permanently above 1000.

We are in the middle of one of the great manias of history. I said the same thing when gold was hitting $800 years ago. You can't say when it will end, but like it or not, folks, you are in the midst of history. It's funny how history seems normal when it is happening and only looks grotesque in hindsight. One of the most remarkable things I ever heard anyone say was a survivor of Auschwitz who said, "It was just like life. In life you know you are going to die. It was just that in the camp you knew that you were going to die a lot sooner." And someone else who was stationed on an island in the Pacific where there were huge rats running everywhere--across your hammock at night and across the table when you were eating. "After three days you didn't notice them," he said.

Fosback provides a sane set of measurements to judge the current moment by.
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