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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (5266)	6/8/2000 10:25:00 AM
From: hdl	Read Replies (1) \| Respond to of 5676

what about preservation of capital?

To: LLCF who wrote (5266)	6/8/2000 10:48:00 AM
From: pater tenebrarum	Respond to of 5676

also if things go sour, YOU (the investor) lose. if things go well, everybody's happy. that has created the f*ck you rallies we often see...where buying comes in regardless of what on the surface seems like bad news for equities (e.g. rate hikes). it began with the manager of the Fido Magellan fund who lost his job because he opted for a conservative 20% bond allocation in '96, fearing that the market was overpriced. the lesson all fund managers learned was 'be fully invested at all times'. there will never be a problem if you're bullish and wrong...but if you're bearish, you better be right, or you get the boot. add to that the feel-good fog of too much Prozac use that clouds minds around the country, and you get a dangerous bubble, aided and abetted by a Fed that professes to only be able to recognize bubbles in retrospect. (an opinion not held in '94, the last time the FOMC worried about a developing stock market bubble...)