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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (48315)	12/29/2005 10:02:35 AM
From: Tommaso	Read Replies (1) \| Respond to of 110194

It has been several years since I held any short positions, though I do hold some puts. However, it did not seem to me that going short tech stocks and the Nasdaq (shorting XLK and QQQQ) in 2000-2001 was gambling, any more than going long discounted closed-end funds such as ADX, TY, and GAM on maximum margin in 1982 seemed to me gambling. At certain junctures, insanity becomes too obvious to ignore and is easily quantified by looking at P/E ratios, about 30 (or more) in 2000 and about 6 in 1982 (also in 1974).