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Pastimes : John Dessauer's Investors World

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To: Maher Sid-Ahmed who wrote (1655)	10/8/1998 8:38:00 AM
From: Ralph C. Cinque	Read Replies (2) of 2346

At the end of the "mega-issue", Dessauer's closing remarks are downright eerie. They reveal the muddled thinking of the man we have been following all these months and years. In discussing the fear of falling stocks prices, global economic chaos and the coming of the "Greater Depression", Dessauer says not to fear because there is an antidote. "The antidote is reality! Living in fear of economic collapse is useless because it is not possible to figure out a strategy that would guarantee you comfort while the rest of the world plunged into misery. Chaos, by definition, is irrational. A global collapse would bring with it circumstances that we cannot even imagine. It could be that shareholders in sound businesses would fare better than the pessimists holding cash or gold in such chaos. In any event, I believe positive-minded risk-takers enjoy better lives than paranoid pessimists. I hope you agree, and will hold on to your stocks!" In other words, don't worry because there is nothing you can do to protect yourself anyway. That is such nonsense. Let's just say it got as bad as the last Great Depression. During the last Great Depression there certainly were people who figured out strategies that protected and preserved their assets. I understand JFK's father made his fortune during the Great Depression. What is happening now is primarily a financial crisis. The world isn't running out of food or oil or steel. I'm not saying that there isn't real suffering. And please don't think that I am insensitive to it. But to say that it is impossible to protect your assets during times of global economic turmoil is just plain false. What it is about is making the right decisions and acting on them, and it has nothing whatsoever to do with being a card-carrying optimist.

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