Len:
I know you are stubborn--I am too. However, how can you be so pessimistic on the market? I subscribe to Richard Russell who up until this summer was advocating a bear market from 2001 until 2007 with cyclical bull markets. He switched his opinion!!!!!! The current 83 year old master of the Dow Theory says we are and have been in a bull market sinced 1982 with a cyclical 2000-2002 bear market. His thesis is that the third phase of the bull market has yet to occur and that it is fueled by the excessive liquidity (provided by the indiscriminate creation of fiat currency printing press by the Central Banks of the world) plus the fact that there is now a world economy caused by the fall of communism and the spread of capitalism (albeit in various stages of development). In addition, the third blow off specualtive phase typically involves a large influx of retail investors/speculators which is not presently participating in the current market. In addition, he believes the housing situation will not cause a out and out recession even though it will involve pain for the homeowners. What is your response to this?
“The difficulty lies not so much in developing new ideas as in escaping from old ones.”
John Maynard Keynes
