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To: eddie r gammon who wrote (69790)	10/18/1999 8:11:00 PM
From: re3	Read Replies (1) \| Respond to of 86076

notes from the gurus : John Neff, former star mutual fund manager of Vanguard Group, announced on Friday, July 30, 1999 that he was so convinced that the stock market had reached "nutty" levels of "dangerous territory" that he had personally put 25% of his money into short-selling positions on both the S&P 500 stock index and the Nasdaq 100. Former German Chancellor Helmut Schmidt told a Sonntag newspaper on Monday, August 2, 1999 that U.S. share prices were being driven to unsustainable heights by "psychopaths" on Wall Street and that a collapse was inevitable. When asked to clarify his use of the word psychopath, Schmidt said that he was referring to "the young 30-year-old dealers and 40-year-old fund managers who with their daily and hourly fund allocations have no other aim than to get the best possible performance. These people lack an overview of the world and world economy and also of the responsibility that entails." Sir John Templeton, who is a long-time stock market guru and respected former fund manager, said on Thursday, May 26, 1999 that the U.S. stock market reminded him of Wall Street in 1929 and the 1989 Japanese market. He expects the Dow Jones Industrial Average to drop 40% in the relatively near term, losing 4,500 points. Surprisingly (or maybe not so surprisingly), few of the media picked up these comments. Kudos to Bridge News for reporting this important story. Former Federal Reserve Chairman Paul Volcker said on Friday, May 21, 1999: "The fate of the world economy is now totally dependent on the growth of the U.S. economy, which is dependent on the stock market, whose growth is dependent on about 50 stocks, half of which have never reported any earnings."