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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: peter n matzke who wrote (27026)	3/27/1998 11:43:00 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Peter, Actually, I can kind of play devil's advocate on that one. It is the public that buys mutual funds, insurance policies, bank trust services, etc. So, if the public is in a manic stampede into stocks, they often do so by purchasing the shares or services of these institutions. MB

To: peter n matzke who wrote (27026)	3/27/1998 3:03:00 PM
From: Kerry Phineas	Read Replies (1) \| Respond to of 132070

Peter, its circular logic. People buy and hold these stocks, and they tend to go up at a greater rate during manias. Institutions traditionally aren't as interested, but during periods such as this one where they are being outperformed they feel the need to participate with the stocks. ergo, they buy the shares that are available. Also, I'm sure the greater fool theory applies, where they think the stocks are going up because of the little people and bid them up because they "know" they can just sell back to the little people. etc. Birinyi usually annoys me, but so far he's been a good short term "seer". Notice how fat Kenneth Fischer has gotten? I'm betting he's drinking A LOT since his funds went bust.