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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID
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To: James Perry who wrote (220)12/12/1996 9:09:00 PM
From: Brad C. Dunlap   of 1762
 
Hi James, you certainly don't agitate me for expressing the emotion of fear. There are not many investors around that even think of the devastation of a 73-74 bear mkt let alone Oct 29, 1929 through June of 1932. For you to express your conservative feelings from experience is only positive to any thread or any mkt. Problems arise when euphoric feelings persist to an extreme in the majority of investors such as the late 1920's and to a certain degree in late 1972. Your thoughts on the mkt and the economy are logical and intelectual. The problem with this type of thinking is that mkts are not logical and one could argue that the decades of the 1940,50,60,70,and 80's all had their own unique but extremely dangerous problems that would have kept investors out of the mkt. if they had followed this type of mind-set. By studying mkt history one realizes that eventually mkts will revert back to the mean as far as performance. There is no arguement from me that someday this over performance will revert to severe under performance. Put another way I have never been to a party that didn't end, and this great bull party will someday run out of beer and pretzels. Anyway I enjoyed reading your posts but it's not the fear that scares me but rather the euphoria.
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