The Justa & Lars Honors Bob Brinker Investment Club Message Board

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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Justa Werkenstiff who wrote (736)	9/5/1998 9:50:00 PM
From: Justa Werkenstiff	Read Replies (5) of 15132

Saturday Summary Brinker opened his show with a discussion of Greenspan's speech. He called it an "interesting development." Brinker thought Greenspan was less concerned about inflation and increasingly more concerned that the global financial situation could affect the US. Brinker said this opens the door for FRB consideration of easing interest rates in the event that global financial developments caused the US economy to stall out. Brinker noted that this was a big change for Greenspan who was more concerned with inflation in July. Brinker called for an immediate lowering of short term interest rates and noted that such a move would lower borrowing costs all over the world. Later in the show, Brinker quipped that the possibility of the FRB lowering rates, could be just the medicine the doctor ordered for investors in terms of breaking the confluence of global economic an political worries. Brinker took the focus off of Russia somewhat and emphasized the new worry as Brazil and Latin America. He noted that 15% of our exports go to Latin America. He compared this intermediate term correction to that of 1962 where the DOW went down more than 20% for no other reason than JFK decision to take on the steel industry's attempt to hike the cost of steel. He admitted that this correction exceeded his expectations. He said that a bottom would be found "pretty close" to Monday's low, whatever that means. He made no mention of any new benchmarks. He did not reiterate his projections for the market averages. Perhaps he will go into further detail on Sunday as he did last weekend. Brinker's tone seemed subdued. He certainly was not pounding-the-table bullish as he was on January 10 and 11th. He did not call this a "buying opportunity" or a "gift horse." He did keep saying the market was attractive for purchase and thought it was the best time this year to be putting new money to work. He noted that the Investors Intelligence reading for this week was the lowest all year with over 50% of advisors bearish.

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