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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (16019)	7/21/1998 7:36:00 AM
From: John Hunt	Respond to of 18056

Market Commentary - Prudent Bear Fund prudentbear.com << "Bubble" - a light hollow ball, Webster's II. The stock market is a "bubble" looking for a pin. The purchase of a securities at one price may be an investment, at a higher price - speculation, at an even higher price - irrational exuberance, and today, 2500 points above "irrational exuberance", the greater fool theory. Everyone is investing in the market. People buy at high prices and expect to sell at ever-higher prices. The overall stock market is selling at the highest valuation in more than seventy years. People have forgotten that in order to "buy low, and sell high", you have to sell. It is extremely rare for a Federal Reserve Chairman to warn investors about the stock market. This has happened only twice before in this century (1929, 1965), and in both cases, a severe bear market followed that required more than twenty years to breakeven after inflation. Alan Greenspan chooses his words very carefully. Yet Greenspan referred to the stock market as "a bubble" in a prepared speech when the Dow was about 6000. >> Anybody got a pin? John

To: Mike M2 who wrote (16019)	8/5/1998 2:57:00 PM
From: Thomas M.	Read Replies (1) \| Respond to of 18056

The Friedrich Hayek Scholars' Page: members.aol.com Tom

To: Mike M2 who wrote (16019)	8/6/1998 12:37:00 AM
From: Simon	Read Replies (1) \| Respond to of 18056

AG has blown it bigtime>>> Bill, I just ran charts of all the Dow stocks. BA,GT,PG and quite a few others have already had their tail feathers pulled out. Starting to be a lot of noise about nothing the way some of these stocks are falling apart. Three months ago I thought HAL would be a good buy when and if it EVER got to 37. Looked pretty remote then. I think it hit 32 today. RIG was at a nice price back in April. Looks like it got hit by a Sam missile now. I think we may have a BIG nasty bear sticking his nose out of the cave. One more little (?) rally and we have that lovely month of Oct to look forward to. The mkt just showed us how easy it is to drop 300 pts. A 1500 pt drop is doable. Wouldn't that just rattle the teeth of the "In it for the long haul crowd." Ol AG may have to figure a way to prop up the mkt one of these days. How much liquidity will the Fed have to extend to the big MM to help them stabilize the mkt? Last year I read about some big mutual fund that has 200 + phone lines sitting on top of the drop ceiling in their lunch room. If something goes wrong, open up the ceiling, plug in the phones and you have 200 people standing by to talk to customers. Happy Days