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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Steve Hirsch who wrote (3280)	9/26/1998 1:55:00 AM
From: Mr. Pink	Respond to of 18998

The LTCM fiasco almost took the financial system to the brink. The bail out by Merrill Lynch et. al was not just a bail out of LTCM, but a rescue of Bear Stearns and Lehman Brothers, 2 firms that could have been bankrupted by the failure. The LTCM melt down is yet another sign of the hubris, egotism and unrealistic optimism created by the hedge fund frenzy of the last several years. The LTCM failure to Mr. Pink represents an inflection point both for financial markets and the industry. This could represent a final blow-off of excess and a market bottom or one more example of financial wreckage in a long drawn out bear market. Not even Mr. Pink knows the answer. Mr. Pink