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Harley,
Thanks for your thoughts. I would have to define a long time
investor as one who has been investing for long enough to have lived
through at least on bear market, but that's a nit-pick <G>. If you
have lived through one bear market you know how to adapt, either run
for the sidelines or go Short. I agree we are in a dangerous market
phase, but don't agree that we have reached the point where there is
less risk in shorting. Having said that, I would have to agree that
we could be reaching that point rapidly. If the Intermediate term up
trend channels in several of the market indices I watch are broken
next week, I'll join the short camp for new stock positions.
Jim
-----Original Message-----
From: Harley Meyer <meyer@xxxxxxxxxxx>
To: Jim Greening <JimGinVA@xxxxxxxxxxxxx>
Date: Sunday, January 11, 1998 3:33 PM
Subject: Re: Weekly Pick
>Jim,
>
>I also wanted to express my concern but from a different point of
view.
>I think when each of us reads anything, we pull from it what we want
or
>what we believe is true. And what I am about to express is something
>that I am pulling out of a variety of sources. I feel that the long
time
>investor, investors investing for 10 years or more, are going to be
>running into trouble this year. I have seen, that here in
Minneapolis,
>several of the old timers are rushing out to buy but are realizing
that
>they are getting fooled. Felt real good at the beginning of the week.
>But not so good as of lately. I think many of the long time investors
>know that the market is changing but they don't know how to adapt. I
>also think these 501K investors are going to keep adding money to
losing
>portfolios.
>
>We all have to keep in mind this is a capitalist environment and the
>name of the game is to reduce the wealth of the masses and
concentrate
>it to the hands of a few. Mr. Soros is our reminder that capitalism
is
>alive an well. His philanthropic activity is classic behavior of a
>capitalist that has made many suffer as a result of his nature to
>speculate. So don't we can't be lulled to sleep by our modest wealth.
It
>can be gone quickly.
>
>I also think that there is more to this Asian crisis that is going to
>effect us. In a nutshell, be careful. The downside risk is very high
if
>you want to go long. The downside reward is potentially much higher
>going short.
>
>Harley
>
>
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