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To: Perspective who wrote (87386)	12/12/2003 5:32:30 PM
From: skinowski	Respond to of 209892

mass hallucinations like early 2000 only come along ONCE in a generation. True, but there are always those great deceivers, known as "2"s and "B"s. They may not get close to the previous price tops or bottoms, but they can reproduce the emotional extremes, and even exceed them. One famous example is the "Death of Equities" mentality in 1983, when bearishness reached levels of near-desperation - after some years have already passed since the markets put in a bottom. The excesses of the mania are not any place close to being "worked out" out of the public's psychology. Who can possibly know what convoluted and surprising pathways this process will eventually take... In the meantime, I think that in order to succeed, an investor has to learn how to maintain firm conviction and infinite flexibility - all at the same time. Sounds like a contradiction - and it is. Trading well requires living a contradiction... well, that sounds only too logical... -g.