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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (24213)	4/8/2000 6:09:00 PM
From: Tom M	Read Replies (1) \| Respond to of 42523

Joan >>I do not know if this is the attitude of the average person on the street. Monday will tell us if the telephones were busy this weekend moving money to more conservative investments.<< Yeah, how can I put this delicately, the average person on the street would probably soil themselves immediately upon discovering the underlying "quality" of the stocks in their mutual funds<g>. If the funds moving up, it's probably loaded with those wonderful stocks with the next 150 years of earnings priced in. I've seen some posters horrified when they saw internet stocks in what they were led to believe were "conservative" funds. We also know it's not the average guy on the street who's trading 50k & 100k blocks of $200/share Yhoo;-) To me the fun starts when the fund managers start getting paranoid about their competition/bonus preservation. To me this hasn't been a "guy on the street" market for some time, although you'd never know it by the call-ins to CNBC. Always amazes me how they have just the right chart and data ready for those spontaneous calls. I have seen some of the talking heads twitch spontaneously during some of the down swings however;-) I believe in paying for quality. I've seen quality disappear in many things lately. We got a 12 year old Maytag and used it for another 13 years & sold it with the house. Our new "commercial duty" Maytag has had a plastic part break that put 2 inches of water in our basement. It's not even 2 years old and now it needs another repair as it stopped being able to call in anything but cold water. My new Merrell hiking boots are no comparison to my worn pair. I've had to pay more for less. I'll pay more for more quality but under this planned obsolescence that's forced upon us you just can't find it. Applying it to the market, I see recent(years) market valuations analagous to happily coughing up $100,000 for a $40,000 BMW. Wait till they all try to sell before Bill "it's-the-ponzi-stupid" Clinton's term is up<g>.