I know you would love this! {Alan Ableson in this Week's Barraon's)
--------------
Besides showering riches on the average man in the Street and fueling
perhaps the most satisfying economic expansion in history -- a boom without
tears -- this greatest of all bull markets has completely reformulated truisms
that investors have lived -- and sometimes died -- by, ever since the
Buttonwood Tree was a spindly sapling.
For example, remember the ancient maxim: Bulls make money, bears make
money, but pigs never do? The new, improved version is: Bulls make money,
bears make money, but pigs make more money than anyone.
Another old cautionary chestnut, "Where are the customers' yachts?" has been
properly updated to "Where are the customers' yachts? Why, out there in the
deep water, where the really big boats are moored."
And the hoary story about the customer, after frantically accumulating a stock
until his buying pushes the price clear out of sight, triumphantly ordering his
broker to sell, prompting the broker's famous reply: "To whom?" is hopelessly
passe. Even the greenest rookie broker knows that no matter how improbably
a stock has appreciated and what absurdly inflated levels it has reached,
there's always a momentum investor out there cheerfully waiting to buy it. |
