Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: James F. Hopkins who wrote (17556)	4/29/1998 8:38:00 AM
From: Tommaso	Read Replies (2) of 94695

I wish I could believe that the trend was set, but I don't think it is. It wouldn't make any difference as to how I position my investments at this point, because I am a permabear (until the market is down at least 40%) and losing money on those positions. But I am afraid that the euphoria is still there for most people. Also, except for a few insane gamblers in the third-tier Internet stocks, it seems a kind of calm euphoria--more like the British complacency over their Empire than a Nazi exhilaration at overrunning much of Russia. As long as people go on feeding their retirement savings into mutual funds, I don't think we are going to have a true bear market. Maybe it's not a good analogy, but look at all the people who go on smoking. I think these 20% returns have hooked maybe 25 million of the 40 million investors and they can't let go.

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