LK,
<<Yeah whatever.>>
Point taken.
However, I'm not joining Mr. Fleckenstein's (or even Clark's) perennial doom and gloom here, I'm not saying that NAZ is going back to 1000 or lower, or that the DOW or S&P will even take out their Oct lows. But I have never seen so many stocks double, triple, even quadrulple in a mere roughly four months since the Oct. lows. Granted the October lows for many of these stocks represented some real values, at or below book value (obviously I'm not talking about the 100 or so stocks that have permanently levitated this market), even below cash value in some cases (e.g., ASYT when it was below 7, now in the 20s last I looked, I sold it way too soon, along with a few others). Nonetheless, now that they've done their thing, they are no longer cheap, the buying needs to slow, the stocks need to correct a bit. That's all I'm saying.
Best,
Sam
P.S. Have begun Eat the Rich. It is, as expected, a rollicking read, though some chapters are clearly better than others--the ones on capitalism seem to me better than the ones on socialism. Will write more when I finish, sometime this week, if I get enough time. |
