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Politics : Ask Michael Burke
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To: Mama Bear who wrote (57503)4/26/1999 7:58:00 PM
From: Fred B.  Read Replies (3) of 132070
 
Mama Bear,

I am quite aware that stocks can go down too!! I was part owner of a wholesale brokerage firm in my former life! My reference to the indices was in regards to the performance of people with the same mentality that leads one to call IBM "a scam". Let's face it you can not predict a Dow of 5000(when it is at 8200) and not lose money when it is 10700 unless you don't follow up on that prediction. After all IBM is a component of DOW.

I have made plenty of money shorting stocks. But shorting "real scams" such as Diana, Kfuel, etc. I do not let that cloud my judgment on the general direction of the market. Are there overpriced stocks out there?? No doubt. Are there going to be corrections, even rather severe ones along the way?? Absolutely. Are we getting to the end of the world??Don't think so. Is the whole market and a component of DOW (IBM) a scam?? Not in my humble opinion. What you call "mania" and "insanity", I call a belief in America's economy and a belief in corporate america's ability to grow earnings,and quite a profitable belief , I might add!!

You say:

<<You seem to believe that because prices are up, that the bear thesis have been proven incorrect>>

Well the bear thesis of october 1998 has been indeed proven incorrect(and my portfolio is quite thankful!!). We will see about the bear thesis of may 1999 in about 6 months. I shall visit this thread then with IBM's price and the indices then. Performance, my friend. That is the only thing that counts in the money game
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