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

To: EL KABONG!!! who wrote (19769)	6/13/2002 7:41:01 PM
From: Raymond Duray	Read Replies (2) \| Respond to of 74559

Hi Kerry, Re: Looks like the Brits have finally caught on to how the game is played... One Brit caught on decades ago: "The social object of skilled investment should to defeat the dark forces of time and ignorance which envelop our future. The actual private object of the most skilled investment today (note, written in 1936) is to 'to beat the gun', as the Americans so well express it, to outwit the crowd, and to pass the bad or depreciating half-crown to the other fellow." "...professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of one's judgement, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." The General Theory, 1936 --John Maynard Keynes """""""""""""""""""""""""""""""""""""""""""""""""""""""" The distribution portion of the cycle is nearing an end. Soon, the capitulation will make accumulation worthwhile to the CEOs who'll get new financing for a round of management buyouts starting in another year or two. Then the exhausted shareholder will be willing to give up his asset for pennies on the dollar. Only to see the same companies IPO again in five or six years. The genius of capitalism. :) -Ray

To: EL KABONG!!! who wrote (19769)	6/13/2002 9:52:18 PM
From: Box-By-The-Riviera™	Respond to of 74559

no one has written it just that way here yet.. cept maybe on SI and a few letters. great stuff. and scary. they're leaving. look out below.