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Interesting phenomenon. There was an old saw on wall street "When you start
getting stock tips from your cab driver, the market has reached a top." I
recall the summer of 1982 when I was so excited that the long secular bear
market was coming to an end. Nobody I talked to was interested. Buying
stocks was poison to people who were badly burned in the long stock market
decline. There were much more excited as to who was offering double digit
CDs.
I recently met with a good friend. A smart man, PhD in Engineering, and on
the facility of a university. He was describing how he rolled over his 401k
to a stock broker with a major brokerage firm. He was not happy with the
performance of his stock mutual funds in his 401k. His eyes lighted up and
he delighted to declare that his broker was buying stock. He stated he was
so excited and couldn't wait to see the results of this brilliant broker.
As I said he is a smart man, but somehow he too is caught up with the craze
that the stock market is the path to immense wealth.
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, February 27, 2000 2:43 PM
Subject: Mainstream Psychology?
> <A
HREF="http://www.usatoday.com/money/stocks/mutual/mutdex/dmut033.htm";>Risk
> -taking investor raises target</A>
> or....http://www.usatoday.com/money/stocks/mutual/mutdex/dmut033.htm
>
> Here is a USA today story about a fellow who
> in the Fall of 1998 met his $23,000 margin call
> with a personal loan and a equity line of credit loan
> on his condo,...preferring to keep his portfolio of
> stocks intact.
>
> Interesting from the point of view that this is
> what mainstream America reads,..and likely
> is growing to accept as the norm.
>
> Regards, JIM
>
>
>
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