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To: Paddler who wrote (5303)	2/10/1999 1:14:00 PM
From: ahhaha	Respond to of 29970

He did very well. He was short until 1931. He had amassed a fortune of $8 million which had grown to $12 million from the short paper gains. In 1931 he then thought the market was way overdone, so he went in and bought. He lost, so he borrowed money from the Mob and bought more and lost. He eventually went completely broke, deep in debt at the bottom. I won't tell you the rest of the story unless you ask me privately. He was the greatest publicly known trader of all time. He was right, but he had made the critical error. He had underestimated how stupid people can get, how irrational their fears can become. This is the nature of today's market, but we are no where near the price level that will provoke the stupidity to hammer real economy. That is ahead and the FED will be the agent, just like they were in 1930. Beware all bottoms. He who prospers is he who takes heed. No one listened to Cassandra and Troy fell. By the way the book was written in 1922.