To: pater tenebrarum who wrote (37363 ) 1/13/2000 10:56:00 AM From: Rarebird Read Replies (1) | Respond to of 99985
<Hope springs eternal...Don't forget, this is the first market in history in which the herd is always right, and the herd is bullish right now > The herd has been right for years now because money talks while the intelligent bear talk has taken a walk. My understanding of the herd is that they are right " in between " but wrong at the extremes. We are clearly in a new Alice in Wonderland era. One need only look at the Nasdaq, S@P, and Dow to get that confirmed in the face of Bearish fundamentals. The question I posed years ago was when do valuations return to the norm. The bullish argument, as I'm sure your well aware, is that the Bears are living in Fantasy Land with their obsession with more traditional measures of valuation. Just look at the levels we are still trading at in spite of rate increases, a long bond of 6.7%!! To: whipsaw (397 ) From: Rarebird Thursday, Aug 21 1997 1:05AM ET Reply # of 4889 Nothing surprises me here anymore. The mindless insane buying of index funds by the public pushed valuations on the S@P to unheard of levels.What do I make of it? On the one hand, I like the idea that the public has made more money in percentage terms thus far( since Dec.94) than the so-called professionals. On the other hand, we know that the public is only right in between, their wrong at the extremes. It seems to me that the stock market is a very different "animal" and vehicle than it used to be. There is no doubt that the piper will be paid here eventually! But the trillion dollar question is when? Millenium Crash Thread PS Who is living in fantasy land? It certainly isn't the Bulls, at least not yet?