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<DIV><FONT color=#000080 face=Arial size=2><STRONG>In Outlook Express there is a
preview window that shows the contents of an e-mail. Is this the same as
opening the e-mail and thus exposing your system to potential infection or do
you actually have to open the message for reading to be at
risk?</STRONG></FONT></DIV>
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<DIV><FONT color=#000080 face=Arial size=2><STRONG>Thanks</STRONG></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000080 face=Arial
size=2><STRONG>Bill</STRONG></FONT></DIV></BODY></HTML>
</x-html>From ???@??? Thu May 04 10:14:36 2000
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From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
References: <2960_13830_957454016_96@xxxx>
Subject: [RT] Re: (BN ) Soros, Buffett and Robertson and Aging: Michael Lewis
Date: Thu, 4 May 2000 11:10:13 -0600
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Status:
The first quoted paragraph hits the crux of the matter - an
investor/trader must not fight the market! Although it should be noted
that these guys turned in market beating returns for many years so a
couple of bad years aren't so bad. Also, in the late 60's there was a
legendary investor who could find no value in the market and cashed
out - his name is Warren Buffet (30 years less old). I have the feeling
that WB would do the same today except that he is in too deep to cash
out.
The second and third quoted paragraphs hit the crux of the nonsense.
Experience and wisdom is (hopefully) accumulated as a by-product of the
aging process. While this likely leads to a bit more caution during the
run of a raging bull, it is also likely to lead to improved capital
preservation when the bear takes control. I get a big kick out of the so
called experts who castigate caution born of experience. Reminds me of
the gambler still playing cards while bragging about his pile of chips!
Lets see how many wild bulls are still in the chips when the bear has
taken control.
Earl
> Maybe more to the point, none of the investors fully accepts
> that he, and not the market, has made some mistake. Buffett argues
> that the market is mad. Soros says that the market has become too
> risky. (Soros!) Robertson might as well have been speaking for all
> three men when he writes, in his farewell letter to his
> shareholders, that ``there is no point in subjecting investors to
> risk in a market which I frankly do not understand.''
> In any case, the counter-intuitive truth of the past few
> years is that people with no experience have had an edge in the
> investment business. It's no accident that the best thing you
> could have done with money since late 1994 is to have handed it
> over to any 28-year-old who happened to work in venture capital.
> True, the 28-year-old had no respect for the rules of finance
> -- what goes up must come down, if it looks too good to be true it
> probably is, etc., etc. That ignorance was the source of his edge.
> The trick for him will be the trick every investor faces, once he
> has made his name: He must avoid drawing the wrong lessons from
> his experience.
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