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Pastimes : Prudent Bear Fund (BEARX): contrarian investing -- Ignore unavailable to you. Want to Upgrade?

To: HB who wrote (437)	11/6/1998 2:14:00 PM
From: MSPutnam	Respond to of 793

>(I will try to put in some bigger chunks if/when things seem to be getting really insane). The question is, how do you measure degrees of insanity? It seems to me that things have been insane for a while, and I see no natural limit to how insane things can get. I would not be at all surprised to see the market reach 10,000 in the near term. Who can blame people for believing that the market is (1) riskless (2) shockproof and (3) warranted by the full faith and credit of Alan Greenspan? The only thing I can think of that might shake that confidence would be a whole series of vicious declines followed by equally vicious euphoric rallies. I don't expect the music to stop all at once. Today looks to be ugly for BEARX, with gold down and NASDAQ up.