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

To: Thomas M. who wrote (36446)	11/16/1998 11:46:00 PM
From: Knighty Tin	Respond to of 132070

Tom, To put it in perspective, I was long at the bottom in 1975, in 1982 and in late 1990, early 1991. I wasn't playing US stocks much in 1987. I had been short Japanese stocks and couldn't stop smiling long enough to notice the drop. <G> I bought a few, but my work showed the 1987 drop only took us to fair value. Sometimes they do ring a bell. In the mid-1970s, it was the hard money crew saying "told ya," that turned me back on to stocks. The same stories that today are being told about how you have to own stocks were telling us how you are an idiot to own anything other than money market funds and hard assets. And the stats proved them right. <G> Business Week's "The Death of Equities" on the cover appealed to me in the early 1980s, though I did not actually turn bullish until late 1982. In 1990-1991, it was an article about tech stocks and how they did not deserve to be priced as growth stocks because they would never have free cash flow, that rang the bell for me. I bought mainly tech stocks, and some biotech stocks and a few big names. Some of the tech stocks I bought have since fallen on very hard times, but they gave me a good ride until I punted. Then I started long tech stock, short biotech stocks (the only true tech stocks, the headlines read at the time) trades in my income portfolio. And it is funny that I am in an opposite positon today, for the most part. I don't really look for the market, but at names and industries. If I find enough that are dirt cheap, and the overall market isn't egregiously overpriced, I load up. Today, I see a lot of cheap stocks, but the overall market stinks to high heaven, so I am light long stocks. And, don't let anyone tell you luck doesn't help. In 1973 and 1974, I was where I could not follow the market well, so I got lucky and didn't start receiving the Intl. Herald Tribune stock pages until late 1974. At which time I wondered why everything had split 4 to 1. <G> MB