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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (64285)	7/10/1999 11:05:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Wayne, value investing is a myth -g-. One big picture indicator that has worked well so far are the various measure of monetary inflation. the Fed seems bent on persuing monetary inflation to the limit where ever that may be ( don't fight the Fed). I suppose the limit will be determined by the dollar and/or expansion of private debt to the point of an alarming rise in defaults. In short, the Fed will push it to the point of financial tough love -g- HO HO HO . BTW Hamilton Bolton founder of the Bank Credit Analyst has a book " Money and Investment Profits" analyzing the relationship between monetary inflation and the stock market. The book was written in 1966 and he noticed the pervasive view of buy and hold and new era investing. He also notes that too many analysts fall into the trap of valuation as a timing tool. As Garfield Drew said stocks don't trade for what their worth but what people think they are worth. Someday stocks will be historically cheap and stay that way for a long time as an entire generation or two learn the hard way about bubble investing. Someday they will regret not listening to the lessons of history and the foolish forever bears won't seem so foolish. BTW Mises institute says Rothbard's book is temporaily out of print. mike