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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (35474)	11/6/1998 5:33:00 PM
From: novice investor	Read Replies (1) of 132070

Hi Michael, Do you happen to have any insights on quantity of assets in % of total available at NYSE that are owned by individual investors as opposed to financial institutions? At a local Schwab branch I met rather large number of "market junkies" who hang around the brokerage office and spend all day talking about stocks. What's interesting was that these people are neither "fundamental analysts" nor "technical analysts." They do NOT analyze at all. Vast majority of them are bullish and have been holding long positions based on a type of religious faith. General consensus among them was that "selling" violates one of ten commandments. If market goes down, these people would buy more because stocks are cheap; if market goes up they would buy more because there is upward potential; if market crashes, they are willing to sacrifice their farm and keep their faith. If there is huge number of this type of investors they would slow down, if not prevent, market crash with their illogical bullish actions. Please let me know if you'd consider them to be too small a contributing factor. Thanks, NI

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