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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (41291)	7/1/1999 2:43:00 PM
From: pater tenebrarum	Respond to of 94695

Haim, <<Heinz, do not reason during manias.>> that is the biggest hurdle that all the skeptics face in this market environment - the incredible power of the mania. it makes rational thought irrelevant to a large degree. anyone who has acted on traditional preconceptions of value and risk probably missed out on a large part of this bull market. nevertheless, almost all people long this market know their positions to be 'crowded trades' that are hopelessly overvalued fundamentally. i guess that's just another way of saying that the party could end anytime - or not. that's why this market must be approached strictly on a day-to-day basis; to enter into long term investment commitments at this time is probably not advisable. btw, Michael Armstrong says that we are nowhere near a bubble top in the U.S. market - he expects it to go much, much higher. I guess today's Princeton economists are not much different from their peers in the '20s. regards, hb