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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (8847)	3/26/1998 8:59:00 AM
From: Pete Schueler	Read Replies (2) \| Respond to of 116762

When this market finally tanks I think the Monday morning QB's will be saying it was obvious. Reduction of company funded fixed pension plans and no faith in Social Security "forced" people to establish a continuous investment plan. Unsophisticated investors saw mutual funds as best and easiest means to salt away for the future Money Managers kept the music going with new products as the economy perked along amidst low inflation/interest rates. Too much market money was controlled by money managers with no direct financial risk but with high risk for "underperformance" The only way for MM's to keep their jobs was to stay fully invested. Brokerage house market gurus acted as cheerleaders with few exceptions. Corporate profits set all time highs in relation to sales and invested capital. No one seemed to question how double digit growth in stock prices and corporate profits could continue in an economy growing at 3 or 4% It ended when the market became like buying a ticket in a lottery that had a trillion dollar pot. The payoff was perceived to be much greater than the risk. Then something happened. Derivative meltdown? Oil shock? Terrorist? Al Gore? Recession? Market fatigue? Whatever.