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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: mister topes who wrote (2942)1/23/1999 12:44:00 PM
From: DD™  Read Replies (1) of 15132
 
Montana Grizzly Bear Sighting in Barrons This Morning..

Excerpt from January 25, 1999


Market Watch

A Sampling of Advisory Opinion

InvesTech Research Market Analyst
2472 Birch Glen, Whitefish, Mont. 59937

JANUARY 8 ~ Wall Street is addicted to easy money from the Fed, and the public is addicted to unrealistic returns from the stock market. A recent PaineWebber survey reveals the average investor expects profits of 16% annually from Wall Street. The Personal Savings Rate (call it non-savings rate) has turned negative for the first time since the 1930s. That would not be happening if not for the public's reliance on stock-market profits. In contrast,take Japan, where stock prices are off 60% from 1989 and the savings rate has climbed to over 20% of personal income. . . .If the economy doesn't slow as is widely anticipated (especially by the Fed in their minutes), or if Wall Street's exuberance carries the DJIA above 10,000, then the ultimate decision must be whether or not to introduce a monetary pin. If the Fed tightens, even one-quarter of a percentage point, they now risk a far more violent reaction than the 700-point loss experienced 18 months ago. Fed officials know it. Institutional money managers know it. And everyone fears it.

DD
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