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

To: Ilaine who wrote (37320)	11/23/1998 3:18:00 PM
From: yard_man	Read Replies (1) \| Respond to of 132070

Some external event such as happened in Sept or Oct? Perhaps there doesn't even need to be an event.

To: Ilaine who wrote (37320)	11/23/1998 3:20:00 PM
From: accountclosed	Respond to of 132070

But I was trying to say, a fundamentalist doesn't know what will turn the psychology around. We all have been asking each other that for some time. I ask it regularly. MythMan does too. MB speculates on it. But none of us know. Few of us even have a scenario. But what Tomasso does know is that by his model it is too high. And he is scaling in his bet that no matter how long this foolishness lasts and no matter what causes its end, his model will be vindicated in the end. The scaling in is quite key. This is the kind of principle that I was talking about earlier in the day. He is asserting his judgment of what proper value is. Mr. Market is thumbing its nose at that proper value. But Tomasso is scaling in his bet that valuation sanity will return. He is not saying what will turn it around or when.

To: Ilaine who wrote (37320)	11/23/1998 3:42:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

CB, there is a limit to this madness -what level I don't know. My guess is eventually a falling dollar will bring this bull to its knees. I expect a steady deterioration in earnings but the Wall St. spin doctors will tell you to ignore the present because the future is so bright that we will all need sunglasses- Rayban or Varnet money is no object for we shall all be rich. let the rest of the world toil producing real goods Wall St will create enormous wealth for everyone and foreigners will be happy to accept our paper dollars for their labor and real goods. Pay no attention to the rising record trade deficits for the demand for the U.S. dollar is infinite. The following is a quote from John K. Galbraith " sometime sooner or later, confidence in the short-run reality of increasing stock prices would weaken . When this happened, some people would sell, and this would destroy the reality of increasing values. holding for an increase would now become meaningless; the new reality would be falling prices. There would be a rush, pellmell, to unload. It was the way the end came in 1929. It is the way speculation will end in the future." from "The Great Crash pp. 174-5 One thing the bulls don't worry about but should is to whom will they sell . Mike