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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: pezz who wrote (4826)	6/11/2001 11:39:50 PM
From: smolejv@gmx.net	Read Replies (2) \| Respond to of 74559

So why not poot your money where your mouth is, pezz? I hold csco puts since march 8th (sigh) and of course (stupid me) been fighting the FED (which you correclty but unneccessarily pointed out), including its intentions to make 3digit PEs standard. "SnP PE below 30 is a national DISGRACE, where's the irrational exuberance when we need it?" dj

To: pezz who wrote (4826)	6/11/2001 11:47:41 PM
From: LLCF	Read Replies (1) \| Respond to of 74559

HEY! We agree on something! DAK

To: pezz who wrote (4826)	6/11/2001 11:55:51 PM
From: Cogito Ergo Sum	Read Replies (1) \| Respond to of 74559

I can just see some new bull wander in here and attack your bearish stance. LOL

To: pezz who wrote (4826)	6/12/2001 12:58:10 AM
From: Stock Farmer	Read Replies (1) \| Respond to of 74559

Hi Pezz... >>none of us has a clue about long term investing<< This may be true, but it depends on your definition of "us". Most people don't have a clue about investing. Period! They think it's all about exchanging little pieces of paper. The ones worth more for the ones worth less. Nothing could be farther from the truth. Investing is about foregoing consumption to acquire Capital. Capital is that which is necessary and catalytic to the process of production. It is not "money" or "gold" or stacks of fancy paper. These are merely units of measurement. Capital is land and equipment and buildings and people and so on... Most rump-steak candidates get confused by the price of a slice. They think that "investing" is all about buying low and selling high. They think that Farmer Fundie with his daily doling out of Analyst Corn is being Kind and Generous. Oh well. If it weren't for folks who think like this I'd be forced to make all of my money by my own labor. Yeuch. Me? I grew up on a farm. I do remember feeling a momentary sense of betrayal each year as those animals who had become rather fond of me were converted into food. But it passed. Yes, this prepared me somewhat to become a ruthless capitalist. I don't see "investing" as a process of buying a piece of paper that I plan to turn around and sell to someone who will pay me more for it later. That to me is just speculation. I fully agree with you that the process of predicting what someone will pay for a piece of paper several years from now is... well... difficult. So I refuse to speculate long term. But I have no difficulty with long term investment. [ EDIT: I also note that it is difficult, if not impossible, to invest during a bear market; marked as they are by accellerated depreciation of capital. ] John