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Politics : Ask Michael Burke

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To: Leo Francis who wrote (8759)	1/5/1997 11:15:00 AM
From: Knighty Tin	of 132070

LF, Skip the politely crap. -g- Once you have evidence of the reversal so that even bulls know the game is over, nearly all of the money has been made on the downside. Just check out what happened to CPU. There are many other relevant examples, but I prefer to use one that is current. I started calling for put buying near the 30s while the bulls were still eating lotus leaves. Once the news came out supporting my research, the stock was already under $20. I would rather have the move from $20 to $15 than the move from $19 to $15. And it is worth the risk. One thing is certain: trend followers always lose their money in a turn. It is just too slow a system for a full cycle. This has been a mighty bull market and a huge bubble in tech stocks, so many new players have been added to the momentum camp. And we see the rehabilitation of formerly discredited mutual fund managers at Aim and 20th Century. But they will disappear at the next turn. Again. I still say buy low, sell high. Don't buy high and hope to sell higher. MB

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