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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (447)	10/22/1998 3:50:00 AM
From: Nukeit	Respond to of 19428

Hi Auric, Here is a good article on LTCM fiasco under The Strategist Oct. 8 stocksite.com Another good column is The CONTRARIAN with Fleckenstein. This column is under Daily Market Rap. Here is an excerpt from one of his columns dated June 11,1998. Don't bank on it A perfect example is the rate at which people continue buy bank stocks (despite what's going on around the world) simply because interest rates are coming down at the long end of the yield curve. The banks are the repositories of all the derivatives, all the currency trading, and all the bad loans--and they just bought up a bunch of Wall Street firms. Before this financial asset mania is finished unwinding, these banks are going to get absolutely destroyed. Remember, banks own all the assets at the end of every big boom or craze. The banks had the LDC loans, the oil patch loans, the real estate loans--and now they own Wall Street (just to pick the four most recent crazes of the last 20 years). Investors who think they can hide out in bank stocks are crazy. It's impossible to know what's inside them because their accounting is such a joke. So put your thinking cap on. Even though the banks act well, don't get sucked into buying them. They're going to be a debacle before it's over. Until Monday, that's the Rap! (no, that's not a misprint. I'm off to Russia for a few days on business so there will be no Rap on Friday). I want to encourage those who haven't read my piece, "Can it happen again?" to do so. As this market continues to press higher and higher, the similarities between now and 1929 Crash and the Tokyo market in 1989 only become more pronounced. William A. Fleckenstein <fleckenstein@go2net.com>, special to StockSite