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Strategies & Market Trends : Guidance and Visibility -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (56318)	6/7/2002 12:28:23 AM
From: SOROS	Read Replies (2) \| Respond to of 208838

When the Dow peaked in Sept. 1929 at 380 or so, how scared during the impending fall do you think the buyers were? I guess not scared enough, because it took those scared, "smart" buyers only 24 years to get back to 380. Then when the Dow hit 1000 during 1966, were there any scared, "smart" buyers after that peak. It only took buyers in 1966 17 years before making any money. Point is, panic selling does create short-term opportunities sometimes. But loss of confidence in the market creates a black hole for investors. Enron, TYCo, etc. are only the tip of the iceberg in terms of manipulation, obfuscation, and realization (take that Jesse Jackson). You may have short-term jumps, but as typical American investors realize how they have been manipulated and lied to, they will surely start directing their savings, 401k's, etc. into places other than mutual fund managers. When this happens, don't stand in the doorway. I remain, SOROS