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

To: Ilaine who wrote (42047)	1/4/1999 1:23:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 132070

sounds like you've become more of a value investing believer lately.

To: Ilaine who wrote (42047)	1/4/1999 2:32:00 PM
From: Mike M2	Respond to of 132070

CB, depends on your threshold of pain sometimes a wimper feels like a bang. A quote from one of my favourite books Robert Patterson's " The Great Boom and Panic" p.224 " Looking back on the great stock market boom from the perspective of the panic and the long depression, ti is hard to realize how pervasive was the illusion that never again would the nation experience panic and depression. it was generally believed that the Federal Reserve System, through its various instruments of currency and credit control, would keep a boom from getting out of hand and would stimulate business activity when called for. Thus, it was reasoned, a New Era was at hand from which the business cycle, with its phases of contraction and expansion, had been eliminated. Even most of the nations bankers seemed to believe this. ... It seems that no matter how irrational a widely held belief may appear in retrospect, only a mind of remarkable independence can resist its compelling force when it is flourishing. The general confidence of ever-rising stock prices with its supporting rationalizations that justified speculation, was symptomatic of the phenomenon that Bernard Baruch and others have referred to as ' the madness of crowds'. Mike