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Politics : Ask Michael Burke

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To: peter n matzke who wrote (27026)	3/27/1998 3:03:00 PM
From: Kerry Phineas	Read Replies (1) of 132070

Peter, its circular logic. People buy and hold these stocks, and they tend to go up at a greater rate during manias. Institutions traditionally aren't as interested, but during periods such as this one where they are being outperformed they feel the need to participate with the stocks. ergo, they buy the shares that are available. Also, I'm sure the greater fool theory applies, where they think the stocks are going up because of the little people and bid them up because they "know" they can just sell back to the little people. etc. Birinyi usually annoys me, but so far he's been a good short term "seer". Notice how fat Kenneth Fischer has gotten? I'm betting he's drinking A LOT since his funds went bust.

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