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To: gbh who wrote (80893)12/23/1999 12:16:00 AM
From: KeepItSimple  Read Replies (1) | Respond to of 86076
 
>Anybody care to comment what was meant by this exchange from the Observer
> article:

He means, if the crash is secular (complete and indescriminant) then the entire economic system will collapse. Puts will not be honored if the put writers go broke.



To: gbh who wrote (80893)12/23/1999 11:11:00 AM
From: Thomas M.  Respond to of 86076
 
I was wondering about that exchange, as well. I have heard the term "intellectual bear" used with a meaning similiar to the term "fully invested bear". Perhaps Biggs means himself, as he is only mildly underweight the U.S., despite his bearish views. I think Abelson means that bears will be blamed for the bear market.

Tom


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