Hmmm . . . I'll have to bring out an old (1977) letter from Barton just to recall what a real basic industry/cyclical rally looks like.
"[W]e've come full circle and full cycle. They buried the kids and their science stocks, and the bear market almost killed us middle-agers. But now we are in a new cycle, and the market marches to the beat of a different drummer. The old generation's stocks have been the market leaders, and basic industry, value, dividends, smokestacks are in and high science is out. Industrial dullsville is the order of the day. Of course, this too will change." Morgan Stanley & Co. Letterhead, New York, January 25, 1977. Without permission of Morgan, Stanley, Barton or whomever.
It's tough having a memory. Can't make money that way. As the Great Winfield once said, "The strength of [the] kids is that they are too young to remember anything bad, and they are making so much money they feel invincible." Adam Smith, The Money Game.
I'm glad tax day is over. |
