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

To: AllansAlias who wrote (31574)	5/7/2000 9:59:00 PM
From: AllansAlias	Read Replies (1) \| Respond to of 42523

I leave early in the morning for a week in Vancouver. I am going to try to take a break from the market. Hard to do. Anyway, I spent some of this weekend reading bullish threads. I try to do that once a week. Aside from the obvious laughs it provides, it gives me a feel for what the "other side" is thinking. Well, they have gone from being complacent to being complacent about their complacency. I also like to go back to a time when there was a serious price shock in an issue and check the postings around that time. You will find almost without exception that they say hardly anything about the declining price other than boosting it as a buying op! You would think that stupidity (I know that is harsh) would have a certain half-life. You know, after N price shocks the level of ignorance would somehow diminish. NOT. Once the price fails really badly they find new reasons to hang in. This is well documented in many books but it is very interesting to witness it in such a contemporary context. My award for Persistent Stupidity has to go to the RMBS thread. My favourite quote was from a guy who had hung in for the first $75 drop and then, some days later after an equally bad decline, said something like "Geeze, I went away for a week and come back to see my portfolio beat to chit." Imagine that level of complacency -- STOPless complacency. (I'll bet he is still in :) Investing is a zero-sum game, negative-sum after the vig/commisions. Someone has to pay, and pay massively for this mania. --Allan