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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: westes who wrote (51926)	5/24/2000 9:44:00 AM
From: pater tenebrarum	Respond to of 99985

i agree with that. but the Nikkei 225 hardly consists of a bunch of real estate companies. the most highly valued stock during their mania was NTT, a telco. in any case, i'm looking at it as a proxy of how investment manias progress and ultimately end. the two most important factors present in all of them are human emotion (imo the most important fundamental) and liquidity. i do agree though that one can not say 'our mania is worse than theirs was' or vice versa. the most important lesson one can take away from what happened in Japan is that secular bear markets are still possible in our modern age. WS probably wishes Japan would simply disappear from the map, as their 11 year old bear market is the one big question mark that overshadows the 'buy and hold' mantra. regards, hb