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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (29109)	5/1/2005 6:37:08 PM
From: zebra4o1	Respond to of 116555

Loved this Sodom and Gomorrah part: Munger: "The present era has no comparable referent in the past history of capitalism. We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodom and Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences."

To: Chispas who wrote (29109)	5/1/2005 10:27:29 PM
From: pbull	Read Replies (1) \| Respond to of 116555

I'm not a big fan of Buffet. When oil was $10 a barrel in 1999, he said he was buying silver. Now, there was a silver trade back then that worked out spectacularly well, but it's unclear whether Buffett was involved. He never said one way or another. As far as pharma stocks go, he is contradicting himself. When the Medicare legislation passed a year ago, he said, and this isn't a direct quote, but something like even the No. 4 drug company has good returns on equity. Something like that. So now they say they don't know. Too hard of a decision. Well, let me make it easier for them: When the government is buying computers circa 1995, then buy computers (and the software). When the government is buying oil (to fill the Strategic Reserve), then buy oil. When the government is buying drugs, then buy drugs. We may be early, but not wrong. PB