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To: Joan Osland Graffius who wrote (37141)6/1/2000 11:09:00 PM
From: pater tenebrarum  Respond to of 42523
 
Joan, value investing IS back in vogue...to some extent at least. but the willingness to speculate in insanely overpriced stuff is indeed amazing considering the most recent 'lesson'. i think that many buyers of the NAZ rally from last October are still trapped in their stocks, as the advance had large distribution-type volume and the decline was lacking in volume, suggesting little selling actually took place. that's simply due to the incredible complacency that has taken root ever since Greenjeans proved to everybody in '98 that his Fed will never allow the market to fall if it can help it...
no wonder the traditional fear indicators fail to give an all clear...caution as a possible state of mind for investors is basically extinct.
if this rally continues, the much heralded 'slowdown' will also fail to materialize btw. and the Fed will be forced to hike rates much higher than is now generally anticipated.